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Discussion > Income Tax > Efiling >

Tax audit proprietorship firm

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Accountant

[ Scorecard : 56]
Posted On 11 August 2013 at 23:11 Report Abuse

My query is if a proprietorship firm is having interest income of say 2 Lacs, House Property income of 5 Lacs and Business income of 2.5 Lacs with Sales Turnover of 60 Lacs for  AY 2013-14 and the accounts are regularly audited. Will there be any requirement to file Form 3CD by way of efiling?


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Devendra
M.COM CA Final [Group 2- Cleared] CS Professional

[ Scorecard : 4426]
Posted On 12 August 2013 at 00:55

No need to file Form 3CD in the above case.





RAJESH
NA

[ Scorecard : 61]
Posted On 12 August 2013 at 01:33

Tax audit is applicable. You need to file form 3CD




CA BHAVESH MEHTA
self employed

[ Scorecard : 64]
Posted On 12 August 2013 at 11:46

in case of those firm heaving Turn over less then One cr , then either they have option for Net profit to be calulated @ 8% on Total turn over U/s 44AD OR if the net profit is less then 8% then Tax audit U/s 44AB is apply and 3cd has to be filed through E- filing




CA LOVELY ARORA
C.A. B.Com (H) Graduate

[ Scorecard : 2080]
Posted On 12 August 2013 at 18:51

Dear Ajeet,

Till now, you were required to get your accounts audited as your turnover was above the limit (Rs. 60 lakhs), but in A.Y. 13-14, as your turnover doesn't exceed Rs. 1 crore and i don't think that you are opting for Sec. 44AD... 8% of Turnover... then in that case, you are not required to get  your accounts audited and also e-filing of Tax Audit (as no tax audit).
If your sales turnover/receipt exceeds Rs. 1 crore for A.Y. 13-14, then only you are required to get your accounts audited.



Best Regards,
CA Lovely Arora
ca.lovelyarora @ gmail.com




Ramesh
proprietor

[ Scorecard : 21]
Posted On 12 August 2013 at 23:03

Your turnover Rs.60 lakh profit is Rs.2.5 lakh it is under 8% so difenatly filed. Audit report By R.Ramesh.B.Com Irugur



CA LOVELY ARORA
C.A. B.Com (H) Graduate

[ Scorecard : 2080]
Posted On 13 August 2013 at 11:58

Dear Ramesh and all other friends, Its not compulsory for an assessee to go for Sec. 44AD presumptive taxation.. it's optional.. then how can you say that it's net profit is below 8%... so, he is required to get his accounts audited.

A person may go for normal taxation provisions... he didn't mention that he is under 44AD... then how you all conclude that??

Kindly answer.



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