I would like to know about the provisions regarding Sec. 44AD.
My question is that if my Net Profit is less then 8% and GTI is below taxable limit then m I required to do audit of books of accounts U/S 44AB or not..??????
If ITR 4 is permissible for the said condition or not...????
Do reply at the earliest.
Dear All,
For the Assesment year 2012-13 sales or gross receipts exceeds 60 Laks compulsory audit required and u have to maitain the books of account.
or
if your sales or gross receipts below the 60 Lakhs u may go for the 44ad cases and u can declare Minimum 8% net profit on sales.
CAclubindia
