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Tax audit 44ab

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This query is : Resolved

sathya (Querist)

31 July 2017 sir,
please give me answer for the following problem:-
a firm has loss during the P.Y and their turnover for the period is 5,00,000/-.whether tax audit is applicable for them by invoking provision under section 44AB that " the person is carrying on B/P and is covered under the provisions of section 44AD,44ADA,44AE,44AF,44BB,44BBB and claims that his income from the said business is lower than the deemed profits and gains computed under the relevat section"

sathya

sathya (Querist)

31 July 2017 sec 44AD is not a compulsory sec and it is just an option to the tax payer.so the person covered under 44AD portion of the said provision is applicable for those who are opting the presumptive scheme earlier. am i right?????? if a person who not opt for presumptive scheme earlier, then he is required for 44AB in this case.am i right? pls clarify the same

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