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Audit of partnership firm

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(Querist)
27 July 2013 respected sir,
we are partnership firm and doing trading of building material such as cement, bricks etc. my question is that for f.y 2012-2013our total turn over worth rs 89,00,000 and net profit is 26500 rs, shall we liable for audit or not and if liable then under incometax section.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
27 July 2013 As per section 44AD(5) Tax audit is applicable to you if your income exceeds the maximum amount on which tax is not leviable.
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In the case of firm if (Net Profit + Interest to partners +Remuneration (as per IT Act is) > or = 8% of turnover then Tax audit is not required.
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