Us 44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 April 2012 sir,
i have partnership firm of manufacturing unit my turnover is 19lacs , and diclered net profit rs. 97000 after interest to parteners and renumaration to partners
interest to partner is 105000/- and remuneration to partner 97000/-
my quary is whether conduct audit u/s 44ad or not plz reply

Nilang

Nilang (Expert)
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19 April 2012 Since your declared income before partners remuneration and Interest is 15.73%(i.e.more than 8%) you are not required to get your account audited.

CA PRAVEEN SINGH

CA PRAVEEN SINGH (Expert)
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19 April 2012 YES.AUDIT U/S 44AD IS REQUIRED IN A SUCH SITUATION WHEN ASSESSEE DECLARE HIS INCOME BELOW THAN 8%.
IN THIS CASE MAINTAIN BOOKS & AUDIT IS COMPULSORY.

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