banner_ad

need clarification

Others 277 views 7 replies
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
Replies (7)
Yes... He can file u/s 44AA...
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....


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details