My query is if a partnership firm is maintaining proper books of account and net profit of firm is below 6%/8%(after interest and remuneration), does it needs to get it's account audited?
And if it opts for 44AD, whether it needs to get it's account audited if in subsequent year it does not apply section 44AD?
kindly help.
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AUDIT OF PARTNERSHIP FIRM IN CASE NET PROFIT SHOWN BELOW 6/8
Replies (4)
Quick Summary
If its below 6/8 % then audit is compulsory..also if you don't opt gor 44ad then also audit is required and you will not be able to opt 44ad for 5 subsequent assessment years succeeding the year which you have not opted 44ad
So let's say from the commencement, firm is maintaining books of accounts, in that case also audit is compulsory if net profit is below 6/8 %
If you've declared in one year as per 44ad and then another year declaring below 6 or 8 % then only audit is required
Thank you very much for your prompt responses.
Very helpful.
Very helpful.
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