Income tax issue
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 March 2014
Dear sir,
Is Tax audit is compulsory for a trader having business income less than 8% of turnover and having turn over less than 100 lakhs ,does the auditor has to file 3CB,3CD Reports to income tax office in this regard?
Let a person doing business having just 5 lakhs turn over & offering income less than 8% of turnover ,To him tax audit is applicable ,auditor has to file 3CD ,3CD reports to it dept?
Is Tax audit is compulsory for a trader having business income less than 8% of turnover and having turn over less than 100 lakhs ,does the auditor has to file 3CB,3CD Reports to income tax office in this regard?
Let a person doing business having just 5 lakhs turn over & offering income less than 8% of turnover ,To him tax audit is applicable ,auditor has to file 3CD ,3CD reports to it dept?
08 March 2014
tax audit under 44AD is applicable only where the income is in excess of the exempted limit. Given that your turnover is just 5 lakhs, you need not worry at all as your income (even at 8%) is just Rs 40000 which is less than exempted limited.
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