Audit for firm in loss
This query is : Resolved
07 October 2014
dear all, whether every firm having turnover less than 1cr which is in loss required to get its accounts audited u/s 44ad
08 October 2014
yes. audit shall be applicable in this case...
09 October 2014
Thanks for reply sir, but what about applicability of sec 44ad(5) which says if income is below the maximum amount which is not chargeable to income tax then no need to get books of accounts audited.
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