Applicability of tax audit
This query is : Resolved
16 May 2013
Hi,
I wanted to know whether in the case stated below tax audit u/s 44 AB is mandatory or not ??
Mr. X has a trading business with turnover of 50 lakhs. He maintains proper books of a/c. Mr. X wants to file his return of income in ITR-4 form (not in ITR-4S i.e. he is not opting for sec 44AD). He wants to show his Net Profit at 3 Lakhs (which is less than 8% of the turnover). Is Mr. X required to get his books of account audited ??
I wanted to know whether in the case stated below tax audit u/s 44 AB is mandatory or not ??
Mr. X has a trading business with turnover of 50 lakhs. He maintains proper books of a/c. Mr. X wants to file his return of income in ITR-4 form (not in ITR-4S i.e. he is not opting for sec 44AD). He wants to show his Net Profit at 3 Lakhs (which is less than 8% of the turnover). Is Mr. X required to get his books of account audited ??
16 May 2013
yes as per 44AD even if you are not opting for the same, fi profit in business is less than 8% , audit is required.
16 May 2013
ok
but then why is ITR-4 Available for the above trader, he will obviously go for ITR-4S when audit has to be done
but then why is ITR-4 Available for the above trader, he will obviously go for ITR-4S when audit has to be done
16 May 2013
audit will not be done if wants to show the profit more than 8% and is maintaining books as 44AD is optional.
but for ease of govt and assessee itr 4s is available.
though itr 4 useful in many other cases, like
where audit is mandatory due to exceeding limit of audit - 1crore/25laksh, itr-4 is for them.
who are professionals, commission agents. etc
but for ease of govt and assessee itr 4s is available.
though itr 4 useful in many other cases, like
where audit is mandatory due to exceeding limit of audit - 1crore/25laksh, itr-4 is for them.
who are professionals, commission agents. etc
Message likes :
1 times
04 July 2013
Yes I agree with the experts
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- ITC EXCESS CLAIM + RCM NOT PAID...BOTH FOR FY 2020-21......PAID IN FY 2024-25....EFFECT
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
