01 August 2011
A) If a person claimed his income below the deemed profits (8% of turnover) and his total turnover is below 60lacs then
1. Whether his accounts are to be audited even if his total income is below maximum amount which is not chargeable to tax?
2. Whether audit is required for any turnover i.e. from Rs. 1 to Rs. 60 lacs?
3. If required in which form the audit report is to be prepared?Is it 3CB & 3 CD?
B) If for AY 2011-12 he has shown 8% profit Rs. 160000 on his turover of Rs. 20 lacs. He has b/f loss of Rs. 15 lacs for AY 2011.12 then can he c/f remaining loss Rs. 1340000 to AY 2012.13?
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