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Third Proviso to 44AB
There is clause in 3cd in which we have to select relevant clause under which audit has been conducted. In form 3CD there is an option of selecting third proviso to sec 44ab. If turnover of company doesn't exceed Rs.1CR, whether 3cd is reqd to be issued selecting clause of third proviso?
Replies (2)
If turnover is less than 1 crores rupees then tax audit is not applicable
A person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore. This provision is not applicable to the person, who opts for presumptive taxation scheme under section 44AD and his total sales or turnover doesn't exceed Rs. 2 crores.
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