Sir,
It is nessary to conduct audit u/s 44AD if firm incurre loss during the yr.
Thank in advance
Gaurav
3 Replies
DIBYENDU
(SERVICE)
(266 Points)
Replied 13 June 2013
In case of loss making co.u/s 44AD is not applicable. You must audit U/s 44AB
gaurav panwar
(ca)
(57 Points)
Replied 13 June 2013
Sir,
If turnover of firm is less than 1 crore and it show loss during the yr, then Sec44AD is applicable or not
Gaurav
Ritika Pundir
(CA)
(154 Points)
Replied 15 June 2013
* If turnover exceeds 1Crore, audit is compulsory
* In case of section 44AD, the assessee has to presumptively tax atleast 8% of the gross proceeds of the business. In case claiming profit lower than 8%, then audit is compulsory
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