Profit less than 50%
Querist : Anonymous
its audit mandatory for him ? Not opting 44ADA.
If yes than what is the relevance of filling ITR under ITR Form 3, with just maintaining books of accounts and declare profit below 50% and no need to gets your accounts audit. As we filed in last preceding years.
1) Income is less than 50% of gross receipts
2) Income exceeds basis exemption limit i.e 2.5L in case of Individual
Querist : Anonymous
and maintaining accounts books regularly and not want to opt 44ADA.So Still its mandatory for audit or we opt regular scheme and fill ITR in form 3 without audit.
As per me if it is a specified profession than liable for audit
It is given that "However, in case the assessee claims that the profits and gains are lower than 50% – he would be required to prepare Books of Accounts under Section 44AA, maintain receipts of all expenses and get his accounts audited by a Chartered Accountant."
Please refer the link... It's says opted U/s 44ADA then can't available less than 50%. If we file u/s44ada and less than 50% then we must keep the books and audit...
But, U/s 44AA no need audit...
Querist : Anonymous
during filling ITR with regular scheme its demand only maintain accounts u/s. 44AA not audit and file ITR, whereas when we opt for 44ADA scheme its demand audit 44AB first when we declare profit less than 50%.
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