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Is audit u/s 44 ab necessary for loss return

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(Querist)
25 July 2012 One of my client(Partnership Firm) has got NIL turnover during the P.Y. 2011-12 but has got some expenses. Now Whether auditing the books is necessary to file the return of loss and claim the loss....?
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CA Amit Jaiswal

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CA Amit Jaiswal (Expert)
25 July 2012 As per presumptive taxation u/s 44AD, if the declared profits are less than 8% of turnover, then tax audit will be required.

As you are claiming the profits to be less than presumtive amt, Audit should be done.

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