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audit require in case of loss on Pnership firm
I have doubt about audit 44ad if Pnership firm has loss and its turnover is 5 lakh then it requires to audit or not
Replies (3)
as per 44ad person should required to show profit at least 6% or 8% as the case may be. in your case there is loss means no profit audit is required..
TAX AUDIT IS NOT REQUIRED IF OPT FOR PRESUMPTIVE INCOME.HOWEVER, IF PERSON CARRYING BUSINESS AND PROFESSION SHOWS PROFIT LESS THAN THE RATE OF PRESUMPTIVE PERCENTAGE THEN HE IS LIABLE TO GETS HIS BOOKS AUDITED. SO. IN YOUR CASE AUDIT OF BOOKS OF ACCOUNTS IS APPLICABLE.
| Originally posted by : Harshad Khadgi | ||
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I have doubt about audit 44ad if Pnership firm has loss and its turnover is 5 lakh then it requires to audit or not |  |
Dear Harshad.,
If you asking Sec 44AB or 44AD...?
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