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Tax audit u/s 44ad

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 July 2013 A partnership firm having a turnover of Rs 70 lakhs during Financial Year ended 31.3.2013 records a loss of 5 Lakhs.As per partnership deed no amount is payable to partners as salary, interest or commission for that year. Whether the firm is liable to get its accounts audited under Section 44AD of the Income Tax Act.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
28 July 2013 No need to audit. Please see section 44AD(5).
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