HELLO FRIENDS, IF A PARTNERSHIP FIRM MAINTAINS ITS ACCOUNTS AND NOT OPTS FOR SEC 44AD BUT ITS PROFITS ARE LESS THAN 8% OR IT SUFFERS A LOSS. THEN ALSO TAX AUDIT IS COMPULSORY.
PLS. EXPLAIN IT CLEARLY.
THANKS.
RAJ KUMAR (FINANCE MANAGER) (1393 Points)
17 September 2011HELLO FRIENDS, IF A PARTNERSHIP FIRM MAINTAINS ITS ACCOUNTS AND NOT OPTS FOR SEC 44AD BUT ITS PROFITS ARE LESS THAN 8% OR IT SUFFERS A LOSS. THEN ALSO TAX AUDIT IS COMPULSORY.
PLS. EXPLAIN IT CLEARLY.
THANKS.
VEDANTA DESHIKA
(Practice)
(317 Points)
Replied 17 September 2011
Yes, if it claims profit to be below 8% of Turnover/Sales/Gross reciepts , it is mandatory for it to maintain Accounts and also undergo Audit and furnish Audit report alongwith the ROI
RAJ KUMAR
(FINANCE MANAGER)
(1393 Points)
Replied 17 September 2011
EVEN WW THERE IS A LOSS THEN ALSO AUDIT IS COMPULSORY.
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