Section 44ad and business loss

This query is : Resolved

Rakesh Bandal (Querist)
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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)
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10 August 2018 No need of tax audit in view of loss declared.

Rakesh Bandal

Rakesh Bandal (Querist)
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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

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 August 2018 Please read the conditions in 44AD(5) also.

RAJA P M

RAJA P M (Expert)
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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)
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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)
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17 August 2018 Which section You are opt in FY 17-18?