Audit of partnership firm
This query is : Open
M M Vaghlea
(Querist)
03 July 2017
Respected Friends and Sir...
Would like to know that is there any change in requirement of Audit of partnership firm...
If My Profit before Interest on capital and Remuneration is More than 8% of Turnover and after interest and remuneration Net profit will be less than 8% in that case whether i have to get audited my books of account.
Also under section 44AD earlier Interest on capital and remuneration was allowed.so is there any change in that condition....
Kindly Reply
Thanks And Regards
Would like to know that is there any change in requirement of Audit of partnership firm...
If My Profit before Interest on capital and Remuneration is More than 8% of Turnover and after interest and remuneration Net profit will be less than 8% in that case whether i have to get audited my books of account.
Also under section 44AD earlier Interest on capital and remuneration was allowed.so is there any change in that condition....
Kindly Reply
Thanks And Regards
CA Rashmi Gandhi
(Expert)
04 July 2017
You have to get your books audited if profit after interest & remuneration is less than 8%.
CA Rashmi Gandhi
(Expert)
04 July 2017
Also no dedcution of interest & remineration to partner allowed after calculating 8%.
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