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Audit u/s 44 ad

This query is : Resolved 
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(Querist)
05 March 2013 partnership firm

gross turnover rs 25 lacs

net loss 10000/-
( before interest & remuneration to partners)

whether audit u/s 44ad is mandatory.
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CA Mahavir Shah

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CA Mahavir Shah (Expert)
05 March 2013 Yes, if you want to claim Profit less than 8% of Turnover then Accounts needs to be audited.
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