Opinion required:
Client is a partnership firm. He has TO of Rs. 9750000. he is showing NP after interest and remuneration @ 2.5% margin, but profit before interest and Remu. @ 8%.
Whether audit is required??
Sec 44AD on partnership firm
Replies (3)
If net profit declared minimum 6/8 percent; no tax audit. Otherwise applicable.
If net profit declared minimum 6%/8%, no Tax Audit u/s 44AB of the Income Tax Act 1961 is required.
If net profit declared minimum 6/8 percent, no tax audit required. Otherwise applicable.
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