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Audit u/s. 44ab

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 August 2013 Sir, If in a partnership firm claim business loss, than he required to be audit u/s. 44AB or not.
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CA Navin Jain

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CA Navin Jain (Expert)
01 August 2013 Audit under section 44AB is applicable on the basis of Turnover.
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CA UMESH DULAL

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CA UMESH DULAL (Expert)
01 August 2013 If your turnover is more than 1.00 cr, then 44AB is applicable.

In other case, if you declare profit which is less than 8% of turnover, then audit u/s 44AB is applicable
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
01 August 2013 pls specify the turnover of your firm so that advise can be given whether tax audit is applicable or not.

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