AS PER THE NEW PROVISIONS OF SEC44AD CAN APARTNERSHIP FIRM (ELIGIBLE ASSESSEE) ENGAGED IN MANUFACTURING(ELIGIBLE BUSINESS) HAVING TURNOVER OF LESS THAN 60 LAKHS CLAIM LOSS WITH OUT TAX AUDIT U/SEC 44AB .SUB SECTION (5)OF 44AD READ AS FOLLOWS.
NOTWITHSTANDING ANYTHINGCONTAINED IN THE FOREGOING PROVISIONS OF THIS SECTION, AN ELIGIBLE ASSESSEE WHO CLAIMS THAT HIS PROFITS AND GAINS FROM THE ELIGIBLE BUSINESS ARE LOWER THAN THE PROFITS AND GAINS SPECIFIED IN SUB-SECTION (1) AND WHOSE TOTAL INCOME EXCEEDS THE MAXIMUM AMOUNT WHICH IS NOT CHARGEABLE TO INCOME-TAX, SHALL BE REQUIRED TO KEEP AND MAINTAIN SUCH BOOKS OF ACCOUNT AND OTHER DOCUMENTS AS REQUIRED UNDER SUB-SECTION (2) OF SECTION 44aa AND GET THEM AUITED AND FURNISH A REPORT OF SUCH AUDIT AS REQUIRED UNDER SECTION 44AB.
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