Audit 44ad
This query is : Resolved
27 July 2011
Turnover of a Partnership firm is less than 60 Lakhs and there is a loss. The firm is maintaing Books of Accounts regularly, previous year also was a loss and sec 44AD was not there.
My question is whether the firm has to go for Audit this year, because of Sec 44AD?
My question is whether the firm has to go for Audit this year, because of Sec 44AD?
27 July 2011
Yes. Go for 44AD. The firm has to get the books of accounts audited.
CA Ashwani Agarwal
(Expert)
27 July 2011
But 1 thing to be kept in mind for partnership firms is that if the profit before allowing Interest and Remuneration to partners is more than 8% then no need to go for audit even if their is a loss after allowing interest and salary to parnters.
27 July 2011
Pl see section 44AD(5)which says if the income is less than the maximum amount which is not chargeable to tax ,no need of tax audit.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- GSTR9 Annual Return
- Ito add credit side of bank
- Reward for festival
- Employee secondment
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Rectification under processing even after 6 months cpc portal
- RCM and same line
- Closer of business and itc of capital goods
- Form 144 TDS Return Validation error
- Upload Level ValidationITR3Category of Defect B/D
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- MSME Payment Sec.43B (h)
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
