IN F.Y.2011-12 TURNOVER OF MY FIRM WAS RS. 40LACS AND NET PROFIT WAS RS.167000 I.E.BELOW EXEMPTION LIMIT. WHAT TYPE OF AUDIT I HAVE TO CONDUCT (U/S 44AB OR 44AD) AND ALSO PLS GUIDE WHICH RETURN I SHOULD FILE (ITR-4 OR ITR-4S)
12 August 2012
Audit u/s 44AB is only conducted if turnover increase Rs. 60/- lacs. in financial year.
but Audit u/s 44AD is conducted if your turnover is less then Rs. 60/- Lacs and you are claiming income less then 8% (i.e. 3,20,000/- in your case) under presumptive income scheme.
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