Urgent- whetther the below firm needs to be audited or not

This query is : Resolved

Indudhar (Querist)
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22 September 2011
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A partnership firm having Rs. 50 lakhs TO maintained books of accounts has the following figures

Fixed Remuneration - Rs. 150000-

Interest on capital @ 12% - Rs. 200000-

Net Firm Profit -Rs 100000-

TOTAL > 8% of TO -Rs 450000-

Whether the firms books of accounts need to be audited or not?

please guide me ugently as I have less time to take action..

Thanks a lot in anticipation....

VISHRUT

VISHRUT (Expert)
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22 September 2011 If you want to go for presumptive taxation than you do not need to books of accounts audited.

But if you want to declare profit of Rs. 1,00,000/- than you need to audit your books of accounts

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 September 2011 Since the turnover is less than Rs.60/- lakhs and the net profit ,before interest on capital and remuneration to working partner's, is more than 8% of the total turnover, books of account need not be audited under section 44AB of the IT Act,1961.

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