Sec 44 ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 July 2011
A partnership firm is a year old and is filing its first return having a business loss and turnover being around 2lacs only, will it be covered under 44AD? the newly amended sec says that it will not be covered under this sec if the assessee's income is below the taxable limit.According to me a partnership firm is also covered in assessee, so it should not be covered u/s 44AD in case of loss. am i correct??
31 July 2011
For the purpose of Section 44AD- a partnership firm is deemed to be in loss if it is having loss even before providing
interest and salary to its partners.
Tax Audit not required in such a case.
interest and salary to its partners.
Tax Audit not required in such a case.
31 July 2011
Pl see section 44AD(5) also.
31 July 2011
Yes Partnership firm is covered u/s 44AD provided the turnover is less than 60L and the Net Profit is above 8% of the Turnover.
In y6our case if you are showing loss of 2 L then you have to get your accounts audited u/s 44AB and accordingly the return is to be submitted.
In y6our case if you are showing loss of 2 L then you have to get your accounts audited u/s 44AB and accordingly the return is to be submitted.
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