Easy Office
LCI Learning

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.

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%






You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries