Section 44AD
This query is : Resolved
25 August 2020
Dear All,
Partnership Firm has turnover of Rs.5.50 Lakh and the net loss is Rs. 0.25 Lakh. Can ITR be filed u/s 44AD?
Looking for your valuable advice.
Thanks & Regards
Shoeb
Partnership Firm has turnover of Rs.5.50 Lakh and the net loss is Rs. 0.25 Lakh. Can ITR be filed u/s 44AD?
Looking for your valuable advice.
Thanks & Regards
Shoeb
26 August 2020
No, don't file under 44AD, you may end up paying tax on 8% of turnover.
You could file under normal circumstances i.e ITR-3.
For any queries, you could contact at caankithjain@gmail.com.
31 August 2020
The provisions of section 44AD can be adopted by such resident assessee who is an Individual, Hindu Undivided Family and Partnership Firm but not Limited Liability Partnership Firm. There is no restriction on adopting the provisions of section 44AD by both, a partnership firm as well as the partners.
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