Itr 4s under 44 ad
This query is : Resolved
20 March 2014
Is audit mendatory for below 8% profit of gross receipt/turnover, if ITR 4S filed under 44AD.
Regards
Jitender
20 March 2014
it is mandatory provided the total income is more than the exempted limit.
if the profit is less than 8% but the total income is also less than the exempted limit, then no audit is applicable.
if the profit is less than 8% but the total income is also less than the exempted limit, then no audit is applicable.
20 March 2014
Yes, U/s.44AD Audit is mandatory if profit from business is lower than 8% of the turnover and income chargable to tax is not lower than the maximum amount chargable to tax. On the other hand, if profit is lower than 8% of turnover and income chargable to tax is lower than the maximum limit, then audit is not required u/s.44AD
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