Section 44ad and business loss

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This query is : Resolved

Rakesh Bandal (Querist)

10 August 2018 Respected Sir/Madam

Assessee is a partnership firm
turnover for FY 2017-18 is Rs. 85,00,000/-
Loss declared Rs. 75,000/-
Last year i.e. for FY 2016-17 Section 44AD was opted and profit was declared

Query : whether need to get accounts audited or not

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

10 August 2018 No need of tax audit in view of loss declared.

Rakesh Bandal

Rakesh Bandal (Querist)

10 August 2018 But Sir, section says that less than 8% so it must include negative figure also
if i am wrong please correct
or any circular, notification or clarification is available please provide

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

10 August 2018 Please read the conditions in 44AD(5) also.

RAJA P M

RAJA P M (Expert)

10 August 2018 Yes... I agreed to above said both replies from Our Experts Mr CA R SEETHARAMAN Sir and Mr CA B Chakrapani Warrier Sir...

Rakesh Bandal

Rakesh Bandal (Querist)

17 August 2018 As per online communication with income tax department same query was raised
and in replay I got advise to get books audited as my case relates to partnership firm

RAJA P M

RAJA P M (Expert)

17 August 2018 Which section You are opt in FY 17-18?

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