Audit query on sec 44aa for partnership firm
This query is : Resolved
24 March 2016
Partnership firm net sales is 15 lakh and before providing deduction in respect of Interest on capital and remuneration to partner its net profit is more that 8% but after deducting same it go down to 4% In such case whether firm require to get there accounts audited??
24 March 2016
No need to audit the accounts.
Ps :- Remuneration and interest can't be deducted from 8% w.e.f 1.4.2017 vide the Budget,2016.
Ps :- Remuneration and interest can't be deducted from 8% w.e.f 1.4.2017 vide the Budget,2016.
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24 March 2016
No. Audit is not required to be done as the profit before ICSBR (Interest, Commission, Salary, Bonus, Remuneration) is more than 8%
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