Audit limit
This query is : Resolved
16 April 2013
sir if turnover of Mr A is below Rs 1 crore and he shows his profit below 8 % then audit u/s 44AB is Mandatory
sir please tell is that audit u/s 44AB included in limit of 45 tax audits
is form 3CD required in above case ?
if yes then how to differentiate above audit from other tax audit i.e. tax audit of above 1 crore turnover in Form 3CD???
Please reply
thanks in advance
sir please tell is that audit u/s 44AB included in limit of 45 tax audits
is form 3CD required in above case ?
if yes then how to differentiate above audit from other tax audit i.e. tax audit of above 1 crore turnover in Form 3CD???
Please reply
thanks in advance
CA Vikas Acharya
(Expert)
16 April 2013
yes it is mandatory if showing profit below 8%
Audit under 44AB is called tax audit. Hence included.
ofcourse 3cd required.
the above audit is not different it is tax audit itself as in 44AD
as written there 44AD(5) that if below 8%. maintain books and get audited as per 44aa and 44ab
Audit under 44AB is called tax audit. Hence included.
ofcourse 3cd required.
the above audit is not different it is tax audit itself as in 44AD
as written there 44AD(5) that if below 8%. maintain books and get audited as per 44aa and 44ab
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