Applicability of 3ca

This query is : Resolved 
 

(Querist) 05 September 2013

A newly started land developer and construction company, having nil turnover as construction is in process. Is 3CA and 3CD applicable for such company? It is having nil turnover.


CA LOKESH KASAT, FCA ACS CWA (Expert) 05 September 2013

Yes, applicable on company

Neel (Querist) 05 September 2013

Thank you very much sir. And is it same for 3CD?

B.Chackrapani Warrier (Expert) 06 September 2013

The company has to recognize the revenue as per Accounting Standard-7. If such revenue exceeds Rs. 1 Crore per annum, the company has to get its accounts audited u/s 44AB of the Income tax Act,1961 thereby Form 3CA and Form 3CD is required.



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