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44 ab

This query is : Resolved 
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(Querist)
13 September 2013 A partnership doing business having turnover of Rs. 40,00,000 /- They incurred loss of Rs. 1,80,000 /-. There is no provision of Remuneration to partners or Interest on capital to partners.
My querry are
( 1 ) Whether the firm is subject to Tax Audit u/s 44 AB read with Sec. 44 AD ?

( 2 ) What will the effect of audit if the same being individual case ? No deductions are there under chapter VIA ( e. g. Sec. 80 C ).
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
13 September 2013 1) No need to audit since total income is -ve.

2) Same answer as above.
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