Itr u/s 44ad in case of nil turnover of partnership firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 March 2014
Q- Can I file income tax return u/s 44AD of Partnership Firm having no turnover in FY 2012-13 however the firm has purchased seized factory which includes land, machinery, Factory Shad etc worth Rs.5 Cr from the Bank. (The said factory is seized by the Bank which was purchased by the said firm).
Thanks
Thanks
Nikhil Kaushik
(Expert)
26 March 2014
as long as turnover is less than 1 cr, 44AD can be used.
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