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Return of income in case of loss

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(Querist)
20 March 2019 I have to file the return of income of a firm which was audited under Section 44AB(Since income is less than 8%) during the financial year 2016-17. During the financial year 2017-18, the firm is having a turnover of Rs.20 lakhs and has incurred a net profit of Rs.20,000/- before charging interest and remuneration. After interest and remuneration, the net loss of the firm comes to Rs. 18,000/-. Whether I can file the return of income with out getting the books of accounts audited, as the income is loss. Please offer your comments
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RAJA P M

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RAJA P M (Expert)
20 March 2019 Yes... The firm can be file without Audit u/s 44AB. But Filing required u/s 44AA...
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
14 October 2021 No, once you opt out from the sec. 44AD; you need to file audit report for next 5 years.
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