21 March 2014
1. Section 44AD is MANDATORY for an eligible assessee.
2. So if your turnover is LESS than Rs. 1 crore, then you are automatically covered by Section 44AD.
3. If you show profit less than 8%, then you have to maintain books of accounts and get your accounts audited even if your turnover is less than Rs. 1 crore.
21 March 2014
1. ITR 4 will be filed when the assessee is NOT eligible for benefit u/s 44AD.
2. This will happen in the following cases:
(a) Turnover exceeds Rs. 1 crore (b) The asseessee is NOT an individual or HUF or firm (c) The assessee is a PROFESSIONAL or having commission income. (d) The assessee has shown income less than 8% of the receipts.
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