Partnership firm audit
This query is : Resolved
19 August 2013
sir,
can you please clarify me why the remuneration only to be added to the net profit to see whether the firm has covered under the audit or not (why not the interest is added to the profit).please reply as early as possible
can you please clarify me why the remuneration only to be added to the net profit to see whether the firm has covered under the audit or not (why not the interest is added to the profit).please reply as early as possible
19 August 2013
only turnover is considered for determining whether the firm is covered under audit or not
19 August 2013
To decide is liable for tax audit u/s44AB or not is depending on the gross turnover or gross receipts of the firm only but it didn't depending on the either profit of the firm or remuneration of the partners.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
20 August 2013
As per sec 44AB only gross turnover or gross receipts needs to be checked for applicability of tax audit.
21 August 2013
agree with mr Tushar
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