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ITR Questionaire

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Lila

Job

463 Points Posted on 08 April 2022

On applicability of Tax Audit, there is a question in ITR 3, where it is asked - whether aggregate of all amounts received including amount received for sales, turnover or gross receipt s or on capital account like capital contributions, loans etc. during the previous year, in cash, does not exceed five per cent of said amount?

Whether we should put a Yes / No, if the amounts does not exceed 5%.

Replies (4)

Quick Summary

This discussion clarifies a specific question within the ITR 3 form regarding the applicability of tax audit. It focuses on whether aggregate cash receipts, including sales and capital contributions, exceed 5% of the total turnover. The consensus is that if cash receipts are 5% or less, the answer should be 'Yes'. This is particularly relevant for individuals not opting for the presumptive scheme with turnover between £1 crore and £10 crore.

CA Raj Doshi

Practising CA

5649 Points Posted on 10 April 2022

Answer should be Yes

sabyasachi mukherjee

Profession

19978 Points Posted on 10 April 2022

Is it obligatory to put yes?

CA Raj Doshi

Practising CA

5649 Points Posted on 10 April 2022

There are a total of 4 questions. If you are not offering income under presumptive scheme and your turnover is more than 1 crore but less than 10 crore then you have to answer them for sure.