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%).
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 .