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Applicable to 44ad

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Bishwajit Halder (Querist)
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13 September 2013 when turnover is 50,00,000, profit 3,00,000(Less than 8%), books of account properly maintained, should the Audit applicable(Partnership / Individual)? if yes then which section? is form 3CB-3CD is to be attached with ITR 4? is form 3CB-3CD to be submitted electronically in above case?

Please Help.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 September 2013 Dear Mr Halde. Yes the audit shall be applicable. Please use the relevant form as applicable under section 44AB. Yes the form is to be submitted electronically by the CA and approved by the assessee.

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Ganeshbabu K

Ganeshbabu K (Expert)
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13 September 2013 you can opt for 44AD no problem by showing minimum profit of 8% of turnover

So your income will be =8% on 50 lakhs
=4 lakhs

after eligible chapter VIA deductions you need to pay tax on arrived taxable income

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