3cd form for company

I run a company, this is first Corporation tax i need to fill.

In this first year company didn't made any income but only expenditure on establishment with a net loss of around 2 lakh.

My question-

1. Is it necessary to get audit for the company as there is no profit/turnover?

2. Is 3CD form compalsory with Corporation tax as company didn't made any profit?

[plz explain section 44AB and 44AD for a company, i couldn't understnd.]

Somebody told me no audit as well as no 3CD form is required as ternover is not over 60 lakhs. Is it true?

Originally posted by : Gaurav
	I run a company, this is first Corporation tax i need to fill. In this first year company didn't made any income but only expenditure on establishment with a net loss of around 2 lakh. My question- 1. Is it necessary to get audit for the company as there is no profit/turnover? 2. Is 3CD form compalsory with Corporation tax as company didn't made any profit? [plz explain section 44AB and 44AD for a company, i couldn't understnd.] Somebody told me no audit as well as no 3CD form is required as ternover is not over 60 lakhs. Is it true?

Getting accounts Audited is a mandatory requirement for all companies even though it has no profit / turnover.

As far as Tax Audit is concerned in case of business annual turnover should me more than 1 cr., only then will the liability for the Tax Audit arise.