Hello everybody, u/s 44AD if an assessee shows profit below 8% of sales(upto 60 lacs), his accounts should be audited. but if the assessee wants to declare profit more than 8% should he get his accounts audited? beacuse in ITR 4S in Schedule BP it is written only 8% of sales.
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Section 44ad
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You can show NP above 8% in ITR 4S. Audit is not required if you declare NP of 8% or more (Sales upto Rs. 60 lakhs).
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