Incometax audit and return

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SRINIVAS (Querist)

06 March 2014 Hi this is srinivas
Q)If the assessee is individual ,doing business ,having turnover lessthan 1crore,if his income is less than 8% of turnover,is liable to tax audit as per u/s 44AB, and 3CB & 3CD are compulsorily Reported by a CA ,& is counted in tax audit ceiling limit,
if not what is the procedure & what is the due date of filing return of income in the above case?

Nikhil Kaushik

Nikhil Kaushik (Expert)

07 March 2014 yes audit is required but it is not counted in tax audit ceiling limit. the due date remains 30 september 2013 for AY 2013-14.

SRINIVAS

SRINIVAS (Querist)

07 March 2014 That means take an example, A person is there doing business having turnover let 20 lakhs ,offer lessthan 8% of T/o as income,tax audit applies to him ? Will the AUDITOR must file 3CB & 3CD Reports to IT-DEPT ?

Nikhil Kaushik

Nikhil Kaushik (Expert)

07 March 2014 if your turnover is 20 lakhs, then dont bother at all...your taxable income shall be less than exempted limited. (8% of 20 lakh is only 1.6 lakhs) in such case audit is not required.

SRINIVAS

SRINIVAS (Querist)

08 March 2014 thank you sir,

sir ,in the above question ,if person is a firm, turn over is 80 lakhs ,offers just 3% on turnover as income,now is his books of accounts must be audited by a auditor compulsory? if books of accounts audited 3CB,3CD reports must be filed by a auditor ?
sir is there any difference in auditor treatment when turnover is above 1core and below 1 crore?

Nikhil Kaushik

Nikhil Kaushik (Expert)

08 March 2014 once 44AB applies the treatment is same except for applicability of TDS etc.

in the particular case, audit shall apply and it must be audited and filed by the auditor online

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