if business turnover is 80 lakh , and profit is only 1% rs. 80255 ,
i have keep books of account
so qustion is
1. is it compulsory to audit ?
2. can i file regular itr 4 return ,without audit and without choosing section 44AD option ?
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 05 April 2016
audit is mandatory if the profit offered for tax is below 8 percent of turnover.