Is it compulsory to file form 3CB-3CD if we have net profit less than 8% of total turnover and total sales less than 1 crore?
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Filing Form 3CB-3CD
Replies (6)
Not mandatory if sec. 44AD(4) of IT act, not applicable. In short sec. 44AD not opted out in any of the preceding years...
Turnover alone is not criteria
One is turnover limit
Business Loss ( mandatory audit)
% of profit ( less than specified , Mandatory tax audit)
voluntary audit
One is turnover limit
Business Loss ( mandatory audit)
% of profit ( less than specified , Mandatory tax audit)
voluntary audit
If there is business loss no tax audit required, correct me if im wrong
How much is the specified limit for tax audit
| Originally posted by : Jomon P B | ||
 |
How much is the specified limit of profit for tax audit |  |
5 Crores for business & 50lakhs for profession .
Loss category : Audit is must
% of profit 6/8/50% below this % also need to audit the books
Loss category : Audit is must
% of profit 6/8/50% below this % also need to audit the books
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