Provisions regarding 44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 March 2013
I would like to know about the provisions regarding Sec. 44AD.
My question is that if my Net Profit is less then 8% and GTI is below taxable limit then m I required to do audit of books of accounts U/S 44AB or not..?????? If ITR 4 is permissible for the said condition or not...????
Do reply at the earliest.
My question is that if my Net Profit is less then 8% and GTI is below taxable limit then m I required to do audit of books of accounts U/S 44AB or not..?????? If ITR 4 is permissible for the said condition or not...????
Do reply at the earliest.
23 March 2013
Those who are liable to offer their income u/s 44AD but they are offering lower income than prescribed u/s44AD i.e less than 8% profit on gross turnover is must and should be required to maintain regular books of accounts u/s 44AA and if their gross total income exceeds basic exemption limit for such Assessment Year then must and should required to make audit of their books u/s 44AB.
So in your case you offering lower income than prescribed u/s 44AD i.e less than 8% profit so You must be maintain regular books of accounts u/s 44AA and your gross total income doesn't exceeded Basic exemption limit so need not to make u/s 44AB.
For your case ITR-4 Only sufficient.
OM SAI SRI SAI JAI JAI SAI
So in your case you offering lower income than prescribed u/s 44AD i.e less than 8% profit so You must be maintain regular books of accounts u/s 44AA and your gross total income doesn't exceeded Basic exemption limit so need not to make u/s 44AB.
For your case ITR-4 Only sufficient.
OM SAI SRI SAI JAI JAI SAI
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