04 July 2011
A PARTNER SHIP FIRM DOING ACTIVITY OF PURCHASE OF RM FROM OUT SIDE AND JOB WORK FROM OTHEROUT SIDE AND MAKE PLASTIC SPOON AS FINAL PRODUCT. IT'S TOTAL TURN OVER WAS 4400000/- PREVIOUS YEAR IS IT APPLICABLE FOR TAX AUDIT U/S 44AB?
05 July 2011
If the turnover is less than 60 lakhs audit u/s 44AB is not required but provisions of section 44AD has to be kept in mind regarding minimum 8% profitability.
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