ITR4, Do i need to perform a 44ab audit ??

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Praveen

Software

21 Points Posted on 26 June 2016

Hi All,

I have question :

My income from salary is : 4,20,000

My Losses in intra-day trading : -37,000

Income from other profession (Blogging) : -10, 000 calculations as follows7500[revenue] - 3500[expense] - 13,000[depriciation for laptop purchased @ 60%]

I have already e-filled my income ITR4 & e-verified

Do i need to do tax audit under 44AB ???

If Yes, can i revised my ITR4, so that i can make my speculative loss as 0 & business loss 0 (by removing the depreciation for laptop) and avoid a tax audit under 44AB ??

Replies (2)

Harshit Kabra (INVESTOR)

Student CA final

930 Points Posted on 27 June 2016

hiee, as per 44ab
Every person,—

(a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees in any previous year; or

(b) carrying on profession shall, if his gross receipts in profession exceed twenty-five lakh rupees in any previous year.
so u are nkt required to gets ur account audited, majorly u are a salarized person.
ur calculation of dep is right and u are able to offset such loss in the next AY.
thnks