Applicability of section 44ab

PVS Sastry (FCA) (47 Points)

25 May 2017  

Hi friends,

            Please clarify my doubt with regard to amendments in finance act,2016. Is audit under section 44AB compulsory in case of firms declaring profits higher than 8% of turnover and having turnover less than 2 crores. If answer is no, clarify whether interest and remuneration given to partners is allowable as deduction under section 40(b). Please provide a quick reply with suitable examples and sections.

Thanks in advance