Sec.44ad

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Praveen kumar varma (Querist)
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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

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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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