partnership firm Tax Audit 44AD
This query is : Open
Sourabh Ambure
(Querist)
23 June 2017
the 8% profit is to be considered before interest on partners capital and partners remuneration or after deducting it for determining audit applicability, because in our client case profit is 13% before interest and remuneration but after remuneration and interest it is 5% . Whether audit is applicable to this firm for F. Y. 2016-17.
CA Rashmi Gandhi
(Expert)
23 June 2017
Same is to be considered after interest & remuneration.
Message likes :
4 times
Sourabh Ambure
(Querist)
23 June 2017
means we have to do audit..right?? in present case.
Ashiwini Ballodia
(Expert)
23 June 2017
Audit is applicable as profit is below than 8%
Sourabh Ambure
(Querist)
23 June 2017
thank you very much
Message likes :
1 times
CA Rashmi Gandhi
(Expert)
23 June 2017
Yes you are liable to get your accounta audited.
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