What does itr4 audit include and what is no accounts case.

Ekta K (Miss) (25 Points)

24 September 2016  

Hi,

I have a profit of 1 lac in shares-trading on a turnover of 70 lacs. I have already got the audit completed by paying the audit fees to a CA for filing the ITR4 .

1) My query is what all does the audit process include?

2) Since my audit is done, in ITR4, do I need to mention YES for the query "Am I liable to maintain accounts as per section 44AA"?

3) My renowned brokerage firm has a detailed PDF file of buying/selling of shares with dates of transaction and profit/loss data for each share which they have sent and which I had sent to CA for completing the audit. Along with the PDF file, do my savings bank statements also be in the audit report of my CA? Will this shares PDF file along with my savings bank statements be considered my "Book of accounts" for ITR4?

4) For maintaining profit and loss statement, does the above shares PDF file from my brokerage firm suffice?

5) In ITR4 form, in my case, can I fill the forms as below while filling my auditor's details:- 

          Are you liable to maintain accounts as per section 44AA?      NO

          Are you liable for audit under section 44AB?                          YES

          If liable for audit u/s 44AB, whether the accounts have been audited by an accountant?   YES

6) After I fill the auditor details above and mention that audit is complete, is it advisable to file subsequent sections in ITR4 mentioning "NO ACCOUNTS CASE" for my case? Or, "No accounts case" must not be chosen?  

Regards,

Ekta Kumari