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%.
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.
Any other views on this... If the cash income / expense amounts does not exceed 5% - should we not put "No".
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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