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Partnership Firms

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(Querist)
06 April 2011 Firm Turnover 45 lakhs is it necessary to audit u/s 44ab for the A.Y.2011-12?

Can i show the profit below 8% if turn over is 15 lakhs for the A.Y 2011-12?
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CA KRISHNA KUMAR DARUKA

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CA KRISHNA KUMAR DARUKA (Expert)
07 April 2011 Audit u/s 44AB is not necessary if turnover is less than 60 lakhs for AY 11-12.

Since it is a partnership firm, you have to show a minimum 8% profit, otherwise audit u/s 44AB has to be done.
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