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In relation to applicability of section 44ad

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 July 2013 Is tax audit under section 44AD of Income Tax Act,1961 applicable to an assessee(partnership firm) having loss in previous year 2012-13?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
21 July 2013 If the business or professional not covered under sec.44AB then you can take sec.44AD however the audit is compulsory to declare the loss under sec.44AD

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