44ad- less than 8%, no audit done,which form?
This query is : Resolved
28 July 2012
which itr form to be used if below all 3 conditions are satisfied:-
1. NP is less than 8%,
2. No audit is done as client says no need
3. Regular Books are maintained
Then which form to be used?
Regards, mr.kunjan , www.canaresh.com
1. NP is less than 8%,
2. No audit is done as client says no need
3. Regular Books are maintained
Then which form to be used?
Regards, mr.kunjan , www.canaresh.com
CA Rahul Jain
(Expert)
28 July 2012
If the turnover of the business is less than 60 Lakhs (AY 12-13) and the profit shown is less than 8% of the turnover, then it is MANDATORY to get the accounts audited.
The assessee has no choice but to get the accounts audited if he claims that his profit is less than 8% of the turnover.
Form ITR-4s shall be used
The assessee has no choice but to get the accounts audited if he claims that his profit is less than 8% of the turnover.
Form ITR-4s shall be used
29 July 2012
In addition to what CA Rahul Jain has said, if the assessee claims profit less than 8%, he will have to maintain books of accounts.
He will file ITR 4, since he is required to maintain books of accounts and also get his accounts audited.
He will file ITR 4, since he is required to maintain books of accounts and also get his accounts audited.
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