Audit u/s 44ab or 44ad
This query is : Resolved
CHIRAG R AHUJA
(Querist)
11 August 2012
RESPECTED SIR/MADAM,
IN F.Y.2011-12 TURNOVER OF MY FIRM WAS RS. 40LACS AND NET PROFIT WAS RS.167000 I.E.BELOW EXEMPTION LIMIT. WHAT TYPE OF AUDIT I HAVE TO CONDUCT (U/S 44AB OR 44AD) AND ALSO PLS GUIDE WHICH RETURN I SHOULD FILE (ITR-4 OR ITR-4S)
PLS REPLY AS EARLY AS POSSIBLE.
IN F.Y.2011-12 TURNOVER OF MY FIRM WAS RS. 40LACS AND NET PROFIT WAS RS.167000 I.E.BELOW EXEMPTION LIMIT. WHAT TYPE OF AUDIT I HAVE TO CONDUCT (U/S 44AB OR 44AD) AND ALSO PLS GUIDE WHICH RETURN I SHOULD FILE (ITR-4 OR ITR-4S)
PLS REPLY AS EARLY AS POSSIBLE.
CA CS Amit S. Kedia
(Expert)
11 August 2012
Dear Mr. Chirag,
You are not required to get your accounts audited under both the sections.
Pls tell me the nature of business... ITR4S is filed for presumptive taxation u/s 44AD and income is considered @8% of turnover.
NO audit is required.
You are not required to get your accounts audited under both the sections.
Pls tell me the nature of business... ITR4S is filed for presumptive taxation u/s 44AD and income is considered @8% of turnover.
NO audit is required.
Naresh Kansala
(Expert)
12 August 2012
Audit u/s 44AB is only conducted if turnover increase Rs. 60/- lacs. in financial year.
but Audit u/s 44AD is conducted if your turnover is less then Rs. 60/- Lacs and you are claiming income less then 8% (i.e. 3,20,000/- in your case) under presumptive income scheme.
but Audit u/s 44AD is conducted if your turnover is less then Rs. 60/- Lacs and you are claiming income less then 8% (i.e. 3,20,000/- in your case) under presumptive income scheme.
CHIRAG R AHUJA
(Querist)
13 August 2012
Means i have to conduct audit u/s44AD....?
and file ITR-4....?
and file ITR-4....?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Form 144 TDS Return Validation Error – Mandatory Fields
- GSTR9 Annual Return
- GST ITC as per notification 12/2023- central tax
- Rent agreement of House of deceased person
- Form 144 TDS Return Validation error
- Capital Gains Tax on Inherited Mutual Fund
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
