Audit u/s 44ab or 44ad
This query is : Resolved
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.
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.
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.
13 August 2012
Means i have to conduct audit u/s44AD....?
and file ITR-4....?
and file ITR-4....?
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