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Tax audit

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(Querist)
03 October 2011 Hi
If there is a partnership firm which is required to do the tax audit. Whether that firm is required to follow all the accounting standards issued by the institute,............?
If yes then please tell me the section number also.



Thanks
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Zeeshan

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Zeeshan (Expert)
03 October 2011 There is no need to follow any accounting standards by a partnership firm as AS issued by institutes are not binding upon the Firms.


However standards or accounting methodologies provided by Income tax Act needs to be complied with e.g. section 145A Inventory valuation or basis of accounting i.e. Cash or Mercantile.
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