19 April 2012
sir, i have partnership firm of manufacturing unit my turnover is 19lacs , and diclered net profit rs. 97000 after interest to parteners and renumaration to partners interest to partner is 105000/- and remuneration to partner 97000/- my quary is whether conduct audit u/s 44ad or not plz reply
19 April 2012
Since your declared income before partners remuneration and Interest is 15.73%(i.e.more than 8%) you are not required to get your account audited.
19 April 2012
YES.AUDIT U/S 44AD IS REQUIRED IN A SUCH SITUATION WHEN ASSESSEE DECLARE HIS INCOME BELOW THAN 8%. IN THIS CASE MAINTAIN BOOKS & AUDIT IS COMPULSORY.
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