Section 44ad
This query is : Resolved
saurabh jain
(Querist)
20 September 2014
(5) Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee who claims that his profits and gains from the eligible business are lower than the profits and gains specified in sub-section (1) and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.
Nikhil Kaushik
(Expert)
20 September 2014
whats your question friend????????
saurabh jain
(Querist)
20 September 2014
following is my query :
a partnership firm is having turnover of 12.00 lacs & book profit of 30000/- is it required to be audited as per above provisions.
a partnership firm is having turnover of 12.00 lacs & book profit of 30000/- is it required to be audited as per above provisions.
Nikhil Kaushik
(Expert)
20 September 2014
yes it is required to get its accounts audited.
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