Section 44ad and business loss

10 August 2018
Respected Sir/Madam

Assessee is a partnership firm
turnover for FY 2017-18 is Rs. 85,00,000/-
Loss declared Rs. 75,000/-
Last year i.e. for FY 2016-17 Section 44AD was opted and profit was declared

Query : whether need to get accounts audited or not


Click to Talk 10 August 2018
No need of tax audit in view of loss declared.

Rakesh Bandal (Querist)
10 August 2018
But Sir, section says that less than 8% so it must include negative figure also
if i am wrong please correct
or any circular, notification or clarification is available please provide

B.Chackrapani Warrier (Expert)
10 August 2018
Please read the conditions in 44AD(5) also.

RAJA P M (Expert)

Click to Talk 10 August 2018
Yes... I agreed to above said both replies from Our Experts Mr CA R SEETHARAMAN Sir and Mr CA B Chakrapani Warrier Sir...

Rakesh Bandal (Querist)
17 August 2018
As per online communication with income tax department same query was raised
and in replay I got advise to get books audited as my case relates to partnership firm

RAJA P M (Expert)

Click to Talk 17 August 2018
Which section You are opt in FY 17-18?

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