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Audit for firm in loss

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(Querist)
07 October 2014 dear all, whether every firm having turnover less than 1cr which is in loss required to get its accounts audited u/s 44ad
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Nikhil Kaushik online

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Nikhil Kaushik online (Expert)
08 October 2014 yes. audit shall be applicable in this case...
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SANIA

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SANIA (Expert)
09 October 2014 Thanks for reply sir, but what about applicability of sec 44ad(5) which says if income is below the maximum amount which is not chargeable to income tax then no need to get books of accounts audited.




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