09 September 2013
Hi Sir If assessee has turnover less than 1 crore say 90 lacs,he is not maintaining any books of accounts and want to declare less 8% as his income. In this case audit is require or not and it is nessary to file 3cb and 3cd.? And will it be counted in 45 tax audits limit to auditors?
11 September 2013
NO audit require, Audit is mandatory only in case if turn over exceeds 1 cr and in case less than 1 crore and showing not less than 8% net profits of its turn over then in that case no audit require, If turnover is less than 1 cr and profit is below 8% than audit is mandatory u/s 44AD,
This audit will not be count in 45 Limits, so no worry.
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