A.y 2011-12 aufit for partnership firm tur.41lac
This query is : Resolved
MUKESH NAYAR
(Querist)
09 August 2011
MY QUERY IS IF A PARTNERSHIP FIRM HAVING TUR. 41L IN F.Y 2010-11 IS AUDIT REQUIRED FOR A.Y 11-12 AS THE PROFIT OF THE PIRM IS BELOW 8% AND THE FIRM ALSO MAINTAIN THE BOOKS OF ACCOUNT U/S 44AA (AS THE 44AB CHANGED IN 11-12)
CA Navin Jain
(Expert)
09 August 2011
If partnership firm engaged with the business and turnover is less than 60LACS then sec 44 ad is applicable.
Hence if you wants to show profit below 8% then audit is mandatory
Hence if you wants to show profit below 8% then audit is mandatory
MUKESH NAYAR
(Querist)
26 December 2011
sir if the turnover is 12 lac only and show profit below 8% us 44ad then also we have to audit our accounts ?
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