Is audit u/s 44 ab necessary for loss return
This query is : Resolved
25 July 2012
One of my client(Partnership Firm) has got NIL turnover during the P.Y. 2011-12 but has got some expenses. Now Whether auditing the books is necessary to file the return of loss and claim the loss....?
25 July 2012
As per presumptive taxation u/s 44AD, if the declared profits are less than 8% of turnover, then tax audit will be required.
As you are claiming the profits to be less than presumtive amt, Audit should be done.
As you are claiming the profits to be less than presumtive amt, Audit should be done.
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