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Partnership firm

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(Querist)
14 December 2013 partnership firm audit is compulsory or not?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
14 December 2013 Audit is compulsory under the following circumstances-
1. Its turnover exceeds Rs 1.00 Crore in a finacial year.
.
2. It shows net profit (before interest & salary to partners) less than 8 % of the turnover.
.
Otherwise audit is not compulsory.
.
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