27 October 2017
Private limited company having turnover less than 1crore and also having loss from business is required to tax audit under section 44Ab and submit Form 3CD and 3CB ??
29 October 2017
dear Raja, it is a company. so not covered under 44 AD/ADA. the audit applied only if the turnover crosses the prescribed limits. Loss or profit doesn't matter.
29 October 2017
Thank you for the reply Mr Nikhil Kaushik Sir.,
So, it's mean any firm of Business less than (44AB) limit no need Tax Audit....
Also why it's differed to Partnership Firm...?
Also Company's 2/ more persons...?
Please clear Sir,
30 October 2017
So, finally Companies having loss and also t/o below 1 crore not required to tax audit as per IT act [not required to submit 3cd & 3CA]. But it is required to audit as per companies act and required to prepare Copanies audit report. correct???
CAclubindia
