Return of income in case of loss
This query is : Resolved
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
20 March 2019
Yes...
The firm can be file without Audit u/s 44AB. But Filing required u/s 44AA...
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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