a assesee being a partnership firm has file his return in sugam 4s declaring 8 percent profit for assessment year 16 -17,for assement year 17-18 he has filled Itr 4 giving details of all expenses and even declaring profit less than 8 percent, my question is for assement year 18-19 will he required to get his account audited even if he declare his profit more than 8 percent as per section 44 AD(5)
yes ... as per section 44ad(5), you have to file your ROI under normal provisions of act and you have to maintain books of accounts as mentioned in section 44AA(2) and get your books audited under section 44AB even if you declare your profit in excess of 8% of turnover
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