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It return ay 2014-15

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Paddy

seeker

66 Points Joined August 2007

Hi My dear CA Frnzz,

For AY 2014-15 I had filed my ITR - 4 as I had a loss from F & O Derivative & Loss from Intraday of Rs 125000/- (both are business income) and only profit return can be filed in ITR 4S (Hope my contention is right).. I had a turn over net is 695000/-, and my other income is Rs 350000/-. But I got a defective return notice from the department asking me to audit the books.

According to me since the turnover is is less than 1Cr as in Sec 44AB, I ignored audit, please let me know is my contention is right please guide me on the issue.

Thanking you in anticipation

Regards

Prasad.

Replies (1)

Viral Shah

CA Job

26 Points Joined December 2014

You required to get your books of accounts audited due to loss in your business. Furthur section 44AD very specifically said if an assessee having business and show less than 8% of Turnover (subject to turnover limit means below 1 Cr.) as profit then he has to maintain books of accounts and tax audilt required to be done through CA.