Applicability of tax audit u\s 44AD(1)

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Querist : Anonymous

Querist : Anonymous (Querist)

24 May 2011 I have a business loss in partnership business then whether tax audit u\s 44AD(1) would be applicable or not?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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24 May 2011 Yes, as the profit being shown by the firm on presumptive basis is less than
8% , by virtue of section 44AD(5), the firm is required to get its account audited.

Querist : Anonymous

Querist : Anonymous (Querist)

25 May 2011 goog morning parasji and thank u very much for the reply, i am prakash chordia from , vapi. the querry put by my staff.
in contineoution to ur reply, since firm is having loss i.e. the income is less than the max. marginal limit in case of partnership firm. in my openion the audit u/s 44AB is not required. pl give ur reply in this context. once againf thanks. my mail add. pchordia2005@yahoo.co.in mob. 9825135470/ 0260-2420034 (off)

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