Tax Audit
This query is : Resolved
Jay Parekh
(Querist)
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..?
Amol S Joglekar
(Expert)
19 September 2016
No...it is showing 8% or more profit as contemplated in section 44AD.
Soumitra Basu
(Expert)
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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