Is it possible to file the return in itr 4 without audit

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SARBJIT (Querist)

15 November 2011 Hello sir,
i m discussing the situation as under that i have already discuss with lots of tax expert but no one is giving me the similar / right view.

The situation is: -
I m having a sale of 30lakh from Export sale of fabric & against this sale i am having a net profit as per books is 150000/-. I am also having some other income like as rental income (Rs.200000/-), int. income (Rs.5000), draw back (Rs.150000/-)etc. Sir, my main point is here that i want to consult to you, is it possible to file the ITR without audit (as per section 44-AB) and i also don`t want to go with section 44-AD of income-tax act`1961. Sir, some of the tax expert and also CA is saying to me that we can`t file our business profit below then 8% as my net profit is coming as per books is near 5.20% (approx).

Now, my main question to you sir is it possible to file the return in ITR 4 without audit in the above situation or not?
and i also don`t want to go with section 44-AD.

Hope for the best suggestion.

Thanks & Regards
sarbjit

Vikas

Vikas (Expert)

17 November 2011 Yes, You can file ITR-4. You not need to audit your accounts and no need to go for 44ad. You just have to keep proper records and have to prepare your books of accounts and file along with return proper trading/ profit & loos account and balance sheet.

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