Hi friends.....
1 of my client is a partnership firm..it has a net loss in its P&L....when should it file the return????
As it cannot declare 8% profit it cannot file return as per Sec 44AD before July 31st. Also, as per Sec 44AD only those assessees having taxable income which cannot declare 8% profit needs to be audited u/s 44AB. The firm does not have any other income and hence the taxable income is NIL. So when shud i file the return
Somebody plzzzz help.....its urgent !!!!!
in case of audit u/s 44ab the last date is 30 september
I analyze the following:
1. You are talking abt presumptive income - hence not covered under 44AB.
2. You said its loss as per PL a/c and hence cant declare 8% is wrong. 8% is on gross receipts and not on profit.
From the above, it is a non tax audit case - due date 31 jul.
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