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

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Indudhar (Querist)

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)

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)

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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