Itr 4s under 44 ad
This query is : Resolved
Jitender kumar
(Querist)
20 March 2014
Is audit mendatory for below 8% profit of gross receipt/turnover, if ITR 4S filed under 44AD.
Regards
Jitender
Nikhil Kaushik
(Expert)
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.
NARENDRA SONI
(Expert)
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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