27 July 2011
Turnover of a Partnership firm is less than 60 Lakhs and there is a loss. The firm is maintaing Books of Accounts regularly, previous year also was a loss and sec 44AD was not there. My question is whether the firm has to go for Audit this year, because of Sec 44AD?
27 July 2011
But 1 thing to be kept in mind for partnership firms is that if the profit before allowing Interest and Remuneration to partners is more than 8% then no need to go for audit even if their is a loss after allowing interest and salary to parnters.
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