44AB (Tax Audit)
Faheem Akram (802 Points)
19 August 2018
if i have turnover Rs.57,66,000 and declare profit 6.97% so it is mandatory for tax audit???
Faheem Akram (802 Points)
19 August 2018
Vaishnavi Ganesh
(Chartered Accountant)
(861 Points)
Replied 19 August 2018
On a plain note, YES it attracts audit under 44AB.
however, incase if the receipts were through specified modes (ECS, and other online modes) then, not Audit reuiqred (as the percentage of profit mentioned in such cases under 44AD is 6%)
if not, then the financials are to be audited u/s 44AB and form 3CB/CD is mandatory.
Shivam RC
(Student)
(23683 Points)
Replied 19 August 2018
Faheem Akram
(802 Points)
Replied 19 August 2018
Vaishnavi Ganesh
(Chartered Accountant)
(861 Points)
Replied 19 August 2018
| Originally posted by : Faheem Akram | ||
 |
if profit is below 8% or 6% in this case audit is mandatory ??? |  |
Yes. Audit is mandatory when the profits are less than the percentage specified, and your turnover is less than 2 crores,
Shivam RC
(Student)
(23683 Points)
Replied 19 August 2018
Vaishnavi Ganesh
(Chartered Accountant)
(861 Points)
Replied 19 August 2018
ITR 3 is for filing of return only.
When the net profit offered by you is less thanm 6%/8% as per Section 44AD, then you should get the same audited u/s 44AB and file Form 3CB/CD along with the ITR3 you are filing.
Faheem Akram
(802 Points)
Replied 20 August 2018
CA P V N Varma
(CA )
(609 Points)
Replied 21 August 2018
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