Reply to query u/s 44ad if firm is loss

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Pankaj Agrawal (Querist)
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09 August 2013 Sir,
With due respect I want to ask the learned CA Mr. Paras Bafna in respect to his valuable reply to Query u/s 44 AD, when firm is in loss.
Sir U have mentioned that the firm can not claim the loss unless & until the accounts have not been audited u/s 44AB.
Kindly enlighten me the section and provisions relating to it.
We shall be highly thankful to U.

Ganeshbabu K

Ganeshbabu K (Expert)
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09 August 2013 If turnover is less than or equal to Rs.1 crore no need of audit under section 44AB read along with section 44AD(5)IN CASE OF PARTNERSHIP FIRM HAVING LOSS

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