Poonawalla fincorps
Poonawalla fincorps

44ad audit

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 October 2018 A partnership firm incorporated during FY 2017-18 and having turnover of Rs.60,00,000/-

The net profit is Rs.-250,000/-

My Queries are:
1. Whether ITR 5 can be filed with loss without any audit or 44 AD?

2. Whether 44AD Audit is compulsory to declare the loss ?

3. If no audit is done, whether ITR can be filed u/s 44AD and declare the net loss ?

TIA.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
27 October 2018 1. Yes.

2.No.

3..No, because 44AD is not applicable in the raised issue .
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Querist : Anonymous

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Querist : Anonymous (Querist)
27 October 2018 If 44AD is not applicable then how to declare loss or income below minimum required net profit in ITR ?
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