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Audit u/s 44 ad
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...
Replies (5)
yes you are reqd to get your books audited.
yes
you are required
yes, as your net profit is below 8% of gross receipts.
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
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.
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