Online upload of 3cd

Dear Sir,

First of all, it shall not be counted in your limit of 45 Audits(since it will fall under section 44AD & there is specific exclusion for audits under section 44AD for limit calculations).

Bank generally ask for 3CD report because they get other data in the form 3CD like payments made to related parties, quantities traded, etc.

This has become a general trend these days, for any paper they say " Iss pe CA ka thappa lagwa lao" Anyhow, bank cannot insist for form 3CB-CD as per law, because this report is specifically meant for income tax department. What other thing you could do is sign balancesheet and profit and loss and issue general audit report not under any statute.

Dear Sir,

due to less time i copy*pasted a reply i posted to another thread.. just for an info..

No, You need not Sign an Audit report/Upload 3CB.CD if he's not coming under 44AB, you may file his ITR u/s 44AD and just give an attested copy of Balancesheet & P&L.. Banks shouldnot ask for 3CB.CDs even when the assessees are liable to be audited.. just give them Signed P&L & BS along with the ITR.. 

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Since the assessee is having 79 lakhs turnover and net profit of 3.53 lakhs (which is only 4.5% of the turnover) he comes under the purview of Sec.44AB

Whoever running business below the tax audit limit has to calculate their income U/S. 44AD @ 8% of turnover and if such calculated net profit is above the taxable slab of the assessee he has to file return declaring that proft  and if he has/wish to declare a lower income as in the case above, MUST get the accounts audited U/s.44AB

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