Audit u/s. 44ab
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 August 2013
Sir, If in a partnership firm claim business loss, than he required to be audit u/s. 44AB or not.
CA Navin Jain
(Expert)
01 August 2013
Audit under section 44AB is applicable on the basis of Turnover.
CA UMESH DULAL
(Expert)
01 August 2013
If your turnover is more than 1.00 cr, then 44AB is applicable.
In other case, if you declare profit which is less than 8% of turnover, then audit u/s 44AB is applicable
In other case, if you declare profit which is less than 8% of turnover, then audit u/s 44AB is applicable
01 August 2013
pls specify the turnover of your firm so that advise can be given whether tax audit is applicable or not.
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