A partnership firm has following items credited in its profit and loss account:
1. Interest earned on fixed deposit - Rs. 50 Thousand
2. Expenses claimed in previous year written back: 30 Lakh
3. Insurance reciepts: 2 Lakh
Total credits in profit and loss account : 32.5 Lakh
Revenue from its primary business is Nil.
Query 1: Is the firm required to under take the audit u/s 44AB if it is having net loss during the year.
Query 2: If firm like to declare income on presumptive basis than what is the amount of profit u/s 44AD.
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