Audit for less 1 crore turnover !!

This query is : Resolved

Rajashekar Reddy (Querist)
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09 September 2013 Hi
If a hospital has less than 1 crore gross receipts in FY 2012-13, if the asseessee(hospital) wants to go for audit, is it nessesary to file 3cb and 3cd?
what are the consequences in this regard ?
Is it similarly applicable to college/school ?

Rupesh Jain

Rupesh Jain (Expert)
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20 September 2013 u/s 44ab limit of not audit is rs. 25 lacs

if exceed then it is compulsory to file 3cb & 3cd .

in non compliane it penalize 1/2% of sale and rs. 150000/- which ever is less to be pay as penality