Audit of partnership firm

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M M Vaghlea (Querist)
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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....

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Thanks And Regards

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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04 July 2017 You have to get your books audited if profit after interest & remuneration is less than 8%.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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04 July 2017 Also no dedcution of interest & remineration to partner allowed after calculating 8%.

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