44 ab -accounting
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 September 2013
as per section 44AB(5)
Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee who claims that his profits and gains from the eligible business are lower than the profits and gains specified in sub-section (1) and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.
if partnership firm declare losses than it require to maintain books of accounts or not , audit is require or not ?
Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee who claims that his profits and gains from the eligible business are lower than the profits and gains specified in sub-section (1) and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.
if partnership firm declare losses than it require to maintain books of accounts or not , audit is require or not ?
19 September 2013
In that case you are required to do audit and for that purpose you have to prepare books of account.
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