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Abhishek Kumar (Querist)
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21 March 2014 Dear Experts,

I want to know if i do not opt for Sec 44AD then, i can go for ITR-4 and show Net Profit less than 8%..?

Is it advisable.

Thank You.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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21 March 2014 then tax audit may become applicavble in such case

Abhishek Kumar

Abhishek Kumar (Querist)
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21 March 2014 Tax Audit is applicable if i opt for ITR-4S and is below 8%..But in my case i opt for ITR-4, the tax audit limit is Rs 1Cr..

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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21 March 2014 ya u havent provided the details.....

Abhishek Kumar

Abhishek Kumar (Querist)
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21 March 2014 Sir m asking you that whether i can show Net Profit less than 8% by routing vai ITR-4 ?

Abhishek Kumar

Abhishek Kumar (Querist)
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21 March 2014 If I maintain Books of Accounts also.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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21 March 2014 1. Section 44AD is MANDATORY for an eligible assessee.

2. So if your turnover is LESS than Rs. 1 crore, then you are automatically covered by Section 44AD.

3. If you show profit less than 8%, then you have to maintain books of accounts and get your accounts audited even if your turnover is less than Rs. 1 crore.

Abhishek Kumar

Abhishek Kumar (Querist)
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21 March 2014 Sir, then why do we file ITR-4 for higher Exp :- NP ratio @ 12.5%

we can use ITR-4S na ?

Abhishek Kumar

Abhishek Kumar (Querist)
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21 March 2014 also for calculating higher than 8%, we require to maintain books of accounts to calculate the higher ratio.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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21 March 2014 1. Section 44AD requires to show MINIMUM 8% as profit.

2. An assessee can show HIGHER profit also. In that case also he will be covered u/s 44AD only.

3. Even if the assessee shows higher profit then also he will file ITR 4S.

4. Books of accounts are NOT to be maintained even if higher profit is shown.

Abhishek Kumar

Abhishek Kumar (Querist)
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21 March 2014 Sir when do we require to file ITR-4 ?

Pls .

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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21 March 2014 1. ITR 4 will be filed when the assessee is NOT eligible for benefit u/s 44AD.

2. This will happen in the following cases:

(a) Turnover exceeds Rs. 1 crore
(b) The asseessee is NOT an individual or HUF or firm
(c) The assessee is a PROFESSIONAL or having commission income.
(d) The assessee has shown income less than 8% of the receipts.

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Abhishek Kumar

Abhishek Kumar (Querist)
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21 March 2014 Siddhartha i tell u..u are a great consultant..very nice

Keep doing great work.

Thanks a Lot.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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21 March 2014 You are welcome. I am always willing to share my knowledge.

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