Section 44ad
This query is : Resolved
03 June 2013
Dear Friends,
I am an eleigible assessee u/s 44AD i.e. Indl. with T/O 55 lakhs in retail trade but I want to declare my profits below 8% of turnover. I have no other income and my Total taxable income is below 2 Lakhs. Do I need to get my books of accounts audited u/s 44AB.
Please advise.
Best Regards,
CA Neetu Ashish Goyal
I am an eleigible assessee u/s 44AD i.e. Indl. with T/O 55 lakhs in retail trade but I want to declare my profits below 8% of turnover. I have no other income and my Total taxable income is below 2 Lakhs. Do I need to get my books of accounts audited u/s 44AB.
Please advise.
Best Regards,
CA Neetu Ashish Goyal
05 June 2013
As per sec 44aa you are liable to maintain books of account. In case you have not then you can file return u/s 44as by declaring profit of 8%. In case you have maintained books of account then do not file return u/s. 44ad, file normal ITR 4. you need not get books of account audited. But if you want to file under 44ad declaring below 8% then you need to get it audited.
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