Sec.44ad
This query is : Resolved
Praveen kumar varma
(Querist)
30 July 2011
Dear Sir,
pls advice me
As per Sec.44AD
my clients are running a Medical stores business Partnership Firm - if partnership firm income is loss can audit is complusary
if yes or no pls advice
regards
praveen
pls advice me
As per Sec.44AD
my clients are running a Medical stores business Partnership Firm - if partnership firm income is loss can audit is complusary
if yes or no pls advice
regards
praveen
30 July 2011
If a partnership firm opt section 44AD and the taxable income is -ve, no need of 44AB audit vide section 44AD(5) of the Income tax Act,1961.
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