06 August 2012
SECTION 44AD5) Notwithstanding anything contained 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 audited and furnish a report of such audit as required under section 44AB.
Thus my query is as follows: 1. My client is a partnership Firm who filed a loss return. 2. The Books have not been audited
Are the books liable to be audited, as the second condition "of income not exceeding maximum not chargeable to tax" is either 0 or loss in case of a partnership firm as slab base are not available to a partnership Firm.
Thus in this case would 44AD apply and does the Partnership Firm needs to get the books of accounts audited
CAclubindia
