Company audit as per income tax act
This query is : Resolved
Mahendra Kumar
(Querist)
09 October 2017
Dear Sir,
A company’s turnover is Nil in current year. Should auditor file an audit report in 3CA-3CD as per Income Tax Act? Or file only Statutory Audit Report as per Companies Act (for ROC part)?
Thanking You
A company’s turnover is Nil in current year. Should auditor file an audit report in 3CA-3CD as per Income Tax Act? Or file only Statutory Audit Report as per Companies Act (for ROC part)?
Thanking You
Ashiwini Ballodia
(Expert)
09 October 2017
As you turnover is NIL so you are not required for Tax audit i.e you are not required to file an audit report in 3CA-3CD as per Income Tax Act
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09 October 2017
But audit under Co's Act,2013 is compulsory though turnover is 0.
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