Audit u/s 44ab
This query is : Resolved
17 September 2013
pls anybody tell me if a person has turnover is less then 1crore and he want to file ITR 4 in that case is mandatory for audit?
17 September 2013
ITR4 is required to be filed if the assessee is an individual and has income from business/profession. Even if the turnover of business is less than 1 crore, ITR4 has to be filed as the nature of income is business income.
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18 September 2013
but in that case individual has claimed less than 8% profit and it require tax audit
18 September 2013
Scenario 1 - Turnover greater than 1 crore - Tax audit required and return to be filed in ITR4
Scenario 2 - Turnover of eligible business less than 1 crore and net profit less than 8% of turnover - Tax audit required and return to be filed in ITR4
Scenario 3 - Turnover of eligible business less than 1 crore and net profit equal to or more than 8% of turnover - Tax audit not required and return to be filed in ITR4S
Scenario 4 - Turnover of non eligible business less than 1 crore and net profit less than, equal to or greater than 8% of turnover - Tax audit not required and return to be filed in ITR4
Hope this answers your query.
Scenario 2 - Turnover of eligible business less than 1 crore and net profit less than 8% of turnover - Tax audit required and return to be filed in ITR4
Scenario 3 - Turnover of eligible business less than 1 crore and net profit equal to or more than 8% of turnover - Tax audit not required and return to be filed in ITR4S
Scenario 4 - Turnover of non eligible business less than 1 crore and net profit less than, equal to or greater than 8% of turnover - Tax audit not required and return to be filed in ITR4
Hope this answers your query.
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