Is it compulsory to file form 3CB-3CD if we have net profit less than 8% of total turnover and total sales less than 1 crore?
6 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 05 February 2022
Not mandatory if sec. 44AD(4) of IT act, not applicable. In short sec. 44AD not opted out in any of the preceding years...
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 05 February 2022
Turnover alone is not criteria
One is turnover limit
Business Loss ( mandatory audit)
% of profit ( less than specified , Mandatory tax audit)
voluntary audit
One is turnover limit
Business Loss ( mandatory audit)
% of profit ( less than specified , Mandatory tax audit)
voluntary audit
rahul firemike
(99 Points)
Replied 05 February 2022
If there is business loss no tax audit required, correct me if im wrong
Jomon P B
(student)
(174 Points)
Replied 05 February 2022
How much is the specified limit for tax audit
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 05 February 2022
5 Crores for business & 50lakhs for profession .
Loss category : Audit is must
% of profit 6/8/50% below this % also need to audit the books
Loss category : Audit is must
% of profit 6/8/50% below this % also need to audit the books
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