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44AE

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(Querist)
08 August 2017 What if, the turnover of business of Transporter exceeds Rs 1crore in FY (15-16)? Can we still adopt 44AE in such case and disclose income of Rs.7500per month per vehicle? Is there any requirement of audit in such case?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
08 August 2017 No need to audit u/a 44AB(a). Inference - section 44AE(5).
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Arjun Gupta

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Arjun Gupta (Querist)
09 August 2017 But I am not able to upload the return (ITR-4) and a dialougue box is appearing on the screen when i tried to upload the xml file saying "Liable for audit u/s 44ab as turnover exceeds rs.1crore." Also, I have shown profits more than the prescribed limit under section 44AE. In such a case, what would be the remedy?
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