Income tax audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 July 2012 FOR EXAMPLE -
MY PARTY HAVE 50 LAKH SALES TURNOVER ,GP IS 8.73 , NP IS 3.67 , NOW QUESTION IS FOR IT AUDIT ? QUESTION IS FOR ITR 4 OR ITR 4S ? QUERY IS PARTY LIABLE FOR AUDIT OR NOT ? WHICH RETURN IS FILE BY PARTY ? IS PARTY LIABLE FOR ACCOUNT U/S. 44AA OR 44AB ? IS PARTY LIABLE FOR 44AD ?

Suresh Mittal

Suresh Mittal (Expert)
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18 July 2012 In this case the assessee has two options:-
1. He declare his income from business @8% of turnover u/s 44AD and file ITR4S. In this case he will be exempted from maintaining the books of accounts.
2. He can file his return with actual profit i.e 3.67% , as mentioned in querry. But in that case he will have to get his accounts audited u/s 44AB and file ITR 4