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Whether it is compulsory to do audit?

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(Querist)
22 June 2013 A Firm having a turnover of Rs.80 lakh & it has net loss.Whether it is compulsory for a partnership firm to do audit?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
22 June 2013 i) If partnership deed stipulates, audit becomes mandatory.

ii) In income tax point of view, audit is not mandatory per section 44AD(5) of the Income tax Act,1961.

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