44ab rws 44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2013 A partnership firm turnover 55 lacs remuneration 149000 interest below 12% of capital, no profit no loss position for the financial year 2011-2012 after remuneration and interest. Now Tax audit u/s 44AB rws 44AD applicable or not? firm already file return u/s 44ad for the year 2010-2011
(i.e.8%).

Rupesh Jain

Rupesh Jain (Expert)
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17 June 2013 if firm have or declare 8% of net profit include intt. and remuneration to partner.
and turover up ot Rs. 1.00 crore then no audit required .

other wise audit required u/s 44ad
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