Audit 44ad
This query is : Resolved
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?
My question is whether the firm has to go for Audit this year, because of Sec 44AD?
27 July 2011
Yes. Go for 44AD. The firm has to get the books of accounts audited.
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.
27 July 2011
Pl see section 44AD(5)which says if the income is less than the maximum amount which is not chargeable to tax ,no need of tax audit.
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