12 July 2019
During the financial year 2017-18 Return of Income of Firm was filed according to the provisions of sec 44AD by admitting 8% income on Gross Receipts. Now in the financial year 2018-19 the Firm got Net Loss. 1. can return of income be filed by Tax Audit or without tax audit. 2. Since return of income had already filed PY u/s 44AD this year also should be filed u/s 44AD or can switch over to tax audit.
CAclubindia
