Can Firm avail the benefit of Sec. 44AF in Case of Loss ?
This query is : Resolved
30 July 2009
A Partnership Firm is resulting Net Loss Rs. 45066/-. Can Firm avail the benefit of Sec. 44AF OR is it required to Audit ?
31 July 2009
In the situation referred, the firm can either opt 44AF,subject to the conditions contained therein, or seek audit u/s 44AB,if loss is declared, of the Income tax Act,1961.
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