A.y 2011-12 aufit for partnership firm tur.41lac

This query is : Resolved

MUKESH NAYAR (Querist)
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09 August 2011 MY QUERY IS IF A PARTNERSHIP FIRM HAVING TUR. 41L IN F.Y 2010-11 IS AUDIT REQUIRED FOR A.Y 11-12 AS THE PROFIT OF THE PIRM IS BELOW 8% AND THE FIRM ALSO MAINTAIN THE BOOKS OF ACCOUNT U/S 44AA (AS THE 44AB CHANGED IN 11-12)

CA Navin Jain

CA Navin Jain (Expert)
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09 August 2011 If partnership firm engaged with the business and turnover is less than 60LACS then sec 44 ad is applicable.

Hence if you wants to show profit below 8% then audit is mandatory

MUKESH NAYAR

MUKESH NAYAR (Querist)
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26 December 2011 sir if the turnover is 12 lac only and show profit below 8% us 44ad then also we have to audit our accounts ?

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