05 September 2011
Sir, I have a small business. My annual turnover is Rs.20 lacs. I maintain profit and Loss Account and Balance Sheet. According to the P/L A/c my net profit is Less than 8% of gross sales in the P.Y 2010-11. I will submit ITR 4 return and fill up the P/L A/c and Balance Sheet in the return form and also avail allowances u/s 28 to sec 43C.
Now my question is since my net profit is less than 8% of gross turnover,as per sec 44AD whether TAX AUDIT u/s 44AB will be required or not ?
CAclubindia
