08 December 2012
If a Partnership firm as retailer cum whole seller in cleaning items has turnover of Rs. 35 Lakhs and Net profit of around 1 Lakh (before partners remuneration and interest)in F.Y 11-12.Will it be subject to tax audit as per section 44AD? Further there is an exception, provided the income of assesee is below exemption limit. Will that exception work in this case. Kindly clarify. Thanks in advance.