11 February 2011
A Private Limited company, where income is less than 8% as required u/s 44AD for AY 2010-11, for a Construction/Civil construction business. I want to clarify, that, in such case Audit is compulsory, as in case of all Private Ltd. company, or TAX AUDIT is compulsory with 3CD/CB Report. Is the company still required to get the Report in 3CD/CB, if its income is less than presumptive rate of 8%, as the Turnover is below Rs.40 Lacs?
11 February 2011
1) Statutory audit under companies Act,1956 is compulsory. 2) Tax Audit u/s 44AB of the Income tax Act,1961 is also compulsory and report in Form 3CA and details in Form 3CD is also is a must.
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