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?

Replies (2)

Is anybody there?

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.

 

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