Applicabilty of section 44ad
This query is : Resolved
Jignesh Selarka
(Querist)
31 March 2017
MY QUESTION IS THAT ONE PARTNERSHIP FIRM HAVING TURNOVER OF Rs. 20000/- AND MAKING NET LOSS OF Rs. 50000/- IN THEIR FIRST YEAR THAN SECTION 44AD IS APPLICABLE OR NOT?
CA Manali Maniar
(Expert)
31 March 2017
yes sec 44AD is applicable on loss making firm.
AS per Section 44AD if Firm wants to declare lower income then the 8% of Turnover, TAX Audit is compulsory.
AS per Section 44AD if Firm wants to declare lower income then the 8% of Turnover, TAX Audit is compulsory.
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