Partnership tax audit query

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MUNIRAJU R (Querist)
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03 June 2015 Dear Professionals,

one of customer running partnership firm and turnover for fy 2014-15 is 7lacs and net loss 1.20lacs. is the above case books of accounts audited is mandatory us 44ab? Please suggest

Nikhil Kaushik

Nikhil Kaushik (Expert)
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03 June 2015 yes provided the customer is not covered under professions described under section 44AA(1)

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 June 2015 No need to audit since the 'total income' of the firm is -ve which is not exceeding the maximum amount not chargeable to tax.
Inference from section 44AD(5).

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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03 June 2015 Warrier sir agreed. But there is a problem here. ITR-5 wont accept negative figures without satisfying 44AA. You end up getting a 139(9) notice and subsequent rejection of the return. Plus, firms have no maximum amount not chargeable to tax.

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