Applicability of 3ca
This query is : Resolved
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.
05 September 2013
Yes, applicable on company
Message likes :
1 times
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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