Audit and sec. 44ad
This query is : Resolved
Smit Agrawal
(Querist)
03 August 2014
Sir,
if our partnership firm has turnover less than 1 crore and has loss as per profit and loss account (before partner's remuneration and interest), then do we require to get our books of accounts audited u/s 44AB read with sec. 44AD(5)?
Nikhil Kaushik
(Expert)
03 August 2014
yes if the business is covered under definition of eligible business under section 44AD
Rupesh Jain
(Expert)
04 August 2014
yes you have to take audit report u/s 44AD due tot profit is less than 8% of turnover.
04 August 2014
agreed with above views.............................
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