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Itr3 schedule if

This query is : Resolved 
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(Querist)
27 July 2013 On Schedule IF - ITR3

What dose this mean:

"Whether the firm is liable for audit ? (Y/N)"
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HEMANSHU KAUSHIKKUMAR PANDYA

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HEMANSHU KAUSHIKKUMAR PANDYA (Expert)
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.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
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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