Why partnership firm have obligation for audit their account

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Querist : Anonymous

Querist : Anonymous (Querist)

02 January 2014 WHY PARTNERSHIP FIRM ALLAWYS AUDIT THEIR ACCOUNTS FROM CA. IS THIS REQUIRED BY PARTNERSHIP ACT 1932 OR PROVISON OF SECTION 44B OF INCOME TAX APPLY THAN ONLY PARTNERSHIP FIRM GIVE THEIR ACCOUNTS FOR AUDIT TO CA /

Nikhil Kaushik

Nikhil Kaushik (Expert)
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03 January 2014 they not always do it. partnership act 1932 doesnt provide for it. 44Ab applies only if turnover exceed the limit provided therein.

However, it is a good practice to get the accounts audited even if not prescribed under any law.

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