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Audit and sec. 44ad

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03 August 2014 Sir, if our partnership firm has turnover less than 1 crore and has loss as per profit and loss account (before partner's remuneration and interest), then do we require to get our books of accounts audited u/s 44AB read with sec. 44AD(5)?

03 August 2014 yes if the business is covered under definition of eligible business under section 44AD

04 August 2014 yes you have to take audit report u/s 44AD due tot profit is less than 8% of turnover.


04 August 2014 agreed with above views.............................



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