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.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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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

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