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audit U/s 44AB
A partnership firm having turnover of Rs. 40 lakhs suffer loss of Rs. 50000/-. Should this firm be audited U/s 44 AB r.with.s 44AD? Can the assessee claim the benefit of sec 44AD(5) I.e income not exceeding maximum amount not chargeable to tax?
Replies (1)
"Can the assessee claim the benefit of sec 44AD(5) ?" YES
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