Itr3 schedule if
This query is : Resolved
Ganesan Chandramouli
(Querist)
27 July 2013
On Schedule IF - ITR3
What dose this mean:
"Whether the firm is liable for audit ? (Y/N)"
What dose this mean:
"Whether the firm is liable for audit ? (Y/N)"
27 July 2013
It means whether you are liable to get your accounts audited U/s 44AB. If your in profession then you are liable to tax audit if gross receipts exceeds Rs.25 Lacs. If you doing business then you are liable to get your accounts audited if gross sales is more than Rs.1 crore. and if you are claiming profit % less then 8% u/s 44AD.
27 July 2013
check your gross receipts or turnover, if its more then 1 crore(if professional firm then 25 lacs)tax audit is applicable.
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