Tax Audit
This query is : Resolved
19 September 2016
If a Partnership firm having a turnover of Rs 90,00,000 shows a profit of 1,00,000/- before Partners Remuneration but after Remuneration there is a loss of say 30,000 then will the firm required to get books of accounts Audited u/s 44AB of Income Tax Act..?
19 September 2016
No...it is showing 8% or more profit as contemplated in section 44AD.
20 September 2016
THE FIRM IS LIABLE TO GET IT'S BOOKS OF ACCOUNT AUDITED SINCE THE PROFIT IS FAR BELOW THAN 8% OF TURNOVER
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