44ad- less than 8%, no audit done,which form?

This query is : Resolved

CA Kunjan - www.canaresh.com (Querist)
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28 July 2012 which itr form to be used if below all 3 conditions are satisfied:-

1. NP is less than 8%,

2. No audit is done as client says no need

3. Regular Books are maintained

Then which form to be used?

Regards, mr.kunjan , www.canaresh.com

CA Rahul Jain

CA Rahul Jain (Expert)
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28 July 2012 If the turnover of the business is less than 60 Lakhs (AY 12-13) and the profit shown is less than 8% of the turnover, then it is MANDATORY to get the accounts audited.

The assessee has no choice but to get the accounts audited if he claims that his profit is less than 8% of the turnover.

Form ITR-4s shall be used

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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29 July 2012 In addition to what CA Rahul Jain has said, if the assessee claims profit less than 8%, he will have to maintain books of accounts.

He will file ITR 4, since he is required to maintain books of accounts and also get his accounts audited.

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