Section 44ad and business loss
This query is : Resolved
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
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
No need of tax audit in view of loss declared.
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
if i am wrong please correct
or any circular, notification or clarification is available please provide
10 August 2018
Please read the conditions in 44AD(5) also.
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...
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
and in replay I got advise to get books audited as my case relates to partnership firm
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