ONE OF MY CLIENTS HAVE TRADING BUSINESS, AND HAVE TURNOVER OF RS.96 LACS. UNDER AUDIT HE IS NOT COVERED IN TAX AUDIT BECAUSE HIS TURNOTER LESSTHAN 1 CRORE.
CAN I FILE RETURN IN ITR-4. OR 4S.
IF PROFIT IS LESSTHAN 8% . IF ANY PROBLEMS ARISE IN FUTURE FROM DEPARTMENT.
CLINENT SAY MY PROFIT MARGIN IS ONLY 2 TO 3% THEN HOW CAN I PAY 8%.
you have to get audit done under section 44AD if you want to claim profits less than 8% of the turnover. The books of accounts should also need to be maintained. In audit you can claim all the expenditure incurred in the business
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