TAX AUDIT U/S 44AD

Originally posted by : Samrat Karar
	If it will be book loss then also audit needed?

(a partnership firm has book profit which is 5% of Turnover) as You said the 5% will be shown u/s 44AD then audit is applicable based on less than priscribed limit of profit...

Also sec 44AD says "No need books of accounts" then what you mean Book profit...? it's not reasonable.

Better to ask with details...

Better to read the following :

Sec 44AD (5) :

(5) Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee to whom the provisions of sub-section (4) are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.]