15 July 2012
Need some more information in the query. Assumptions drawn: Turnover 3.00 lakhs, Deemed profit under 44AD is 8% on 3.00 lakhs=24,000. After applying Remuneration,Interest on partners capitals as per Deed of Partnership, then resultant figure is loss- No need to get it audited.
15 July 2012
generally the assessee wants to adopt the profit offered to tax below the prescribed percentage, i.e.8% then he has to get his accounts audited. But in this case the same was not applicable as the income is negative hence not required
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