Applicability of tax audit on partnership firm
This query is : Open
priyanka gupta
(Querist)
25 August 2017
ABC & Co. is a partnership firm having profits of Rs.36000 before remuneration but after interest to partners. After providing for remuneration, taxable profit becomes 0. Whether the firm is required to get its books of a/cs audited, considering the provisions of Sec. 44AD where it is stated that books are required to get audited if total income exceeds the maximum amount not chargeable to tax?
CA. B.SRINIVASULU
(Expert)
25 August 2017
tax audit is applicable if profit is less than 8percent of turnover
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