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Audit u/s 44 ad

harikrishna201415@gmail.com (Finance Professional) (79 Points)

05 July 2014

we r doing business in partner ship .our total turnover for f y 2013-2014 was 60,00,000 rs and net profit is 33000 rs.. it is compulsory to do audit u/s 44 ad...

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5 Replies

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 05 July 2014

yes you are reqd to get your books audited.

HASAN JOKHIYA (ASSISTED ARTICLE) (108 Points)
Replied 06 July 2014

yes you are required

i.k.patel (tax consultant) (43 Points)
Replied 07 July 2014

yes, as your net profit is below 8% of gross receipts.

CA Ishfaq Baba (Practising) (60 Points)
Replied 07 July 2014

Not under 44AD bt under 44AB..... If the profit is less than 8% as prescribed by 44AD, then the assessee is required to maintain books as per section 44AA n get his accounts audited u/s 44AB

suresh singam (Article Assistant) (21 Points)
Replied 07 July 2014

I agree with Mr ishfaq baba and in case of partnership firm net profit of 8% should be taken into account before interest and remuneration to partners.