Tax audit/presumptive taxation

If total income does not exceed basic exemption limit.............No need for audit.

Thanks Dhiraj

If the Professional individual files ITR4 with no professional income but only expenses,does he need to provide details of his personal income and assets in P&L and BS?

whether PL and BS is confined to his professional income and expenditures?

Regards

Originally posted by : Dhirajlal Rambhia
	If total income does not exceed basic exemption limit.............No need for audit.

Total receipts > Rs 50 Lacs - required tax audit u/s 44AB if presumtive scheme u/s 44AD has not been adopted.

if 44AD adopted then pay tax on 50% receipts. [Tax calculation as per applicable slab. total income will be 50% of gross receipts]