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Itr 4s

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(Querist)
15 June 2014 A labour contractor recieved a receipt of rs. 21 lakh in the ay 2014-15.tds of rs. 21000 deducted on it. is he liable for audit. and last year he files itr 4 with assumption of 20 % profit on receipts. now can he shown less profit this year.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
15 June 2014 as long as profit is more than 8% of the turnover, no audit is required. in this case, even if the profit is less than 8% but the total income is less than the exempted limit (Rs 2 lakhs) audit wont apply
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Rupesh Jain

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Rupesh Jain (Expert)
16 June 2014 he can declare the profit @ 8% u/s 44AD and audit not required.

and use form 4S for filing of income tax return.
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