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Sec 44ad

This query is : Resolved 
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(Querist)
29 July 2014 whether a firm having nil turnover for FY 2013-14 should go for sec 44AD presumptive tax or Sec 44AB tax audit..The firm is having 250000 loss for the year ?
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CA UMESH DULAL

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CA UMESH DULAL (Expert)
29 July 2014 No
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
29 July 2014 It should go for the audit.

The logic is that where you are claiming less than 8% profit (ie 8% of ZERO), audit is compulsory.
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