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
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
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
CAclubindia
