my friend shop grass sales of f y 2017-18(ass 2018-19) 95,00,000/-
is he file the return ITR 3
below 8/- percentage with p&l balansheet with out audit
please clarify
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need clarification
Replies (7)
Yes... He can file u/s 44AA...
No more problems...
No more problems...
Yes you can file ITR 3 by maintaining your books u/s 44AA and getting your books audited u/s 44AB. If declaring income below 8% it is mandatory to get your books audited.
| Originally posted by : Gaurav | ||
 |
Yes you can file ITR 3 by maintaining your books u/s 44AA and getting your books audited u/s 44AB. If declaring income below 8% it is mandatory to get your books audited. |  |
Audit not applicable if he will file u/s 44AA even Profit les than 8%...
Books are required to be maintained u/s 44AA because it will be audited u/s 44AB. it clearly states that if the profits are below 8% of net income books are maintained and section 44AB states that the accounts are to be audited if less than 8% even if the turnover is less than 1CR.
Please can You give the ref or details if less than 1cr
you have to maintain books of accounts as specified in section 44AA and get them audited u/s 44AB by chartered accountant....if you declaring less than 8% of the profit
Sec 44AB applicable only if Turn Over exceeding Rs 1cr. Less than 1cr then Tax Audit not applicable if U/s 44AA even less than 8 percent Profit declare....
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