A partnership firm having a turnover of Rs. 5,00,000 in the first year & showing book profit @ 4%.
Is it necessary to get books of accounts audited if it doesn't opt for 44AD?
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Audit for business in first financial year
Replies (1)
Yes (for AY 2017-18, vide sub-section 44AB(d) of I T act,1961)
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