Compulsory audit

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

26 August 2012 Audit is compulsory if net profit is less than 8% of turnover. Section specifies 'Income from Business or Profession' should be atleast 8%.

So 8% is 'Income from Business/Profession' OR (PAT/PBT as per ITR4)?

Thanks in advance.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 August 2012 -When you are opting 8% criteria, it is specifically applies in the case of an eligible business only. Profession is excluded.
- ITR 4S has to be preferred.
- Fill up the details in No Account Case. Item No 51 if you have to file ITR4.
- 8% profit is PBT.
.

Querist : Anonymous

Querist : Anonymous (Querist)

27 August 2012 Thanks Mr. Bafna.... if you can also throw light on ...

So are we saying that assessee with business turnover of less than 60 Lacs (say 50 Lacs) with profits of 15% can still show reduced profits at 8% (ie. Rs.400000/-)without maintaining books of accounts u/s 44AD?

What type of basic minimum accounts are to be maintained if returns are filed under ITR4S?

Is it true that assessee cannot claim benefits under Chapter IVA (investment & housing loan interest) for filing under ITR4S?

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