02 December 2011
Hello sir, i m discussing the situation as under that i have already discuss with lots of tax expert but no one is giving me the similar / right view.
The situation is: - I m having a sale of 30lakh from Export sale of fabric & against this sale i am having a net profit as per books is 150000/-. I am also having some other income like as rental income (Rs.200000/-), int. income (Rs.5000), draw back (Rs.150000/-)etc. Sir, my main point is here that i want to consult to you, is it possible to file the ITR without audit (as per section 44-AB) and i also don`t want to go with section 44-AD of income-tax act`1961. Sir, some of the tax expert and also CA is saying to me that we can`t file our business profit below then 8% as my net profit is coming as per books is near 5.20% (approx).
Now, my main question to you sir is it possible to file the return in ITR 4 without audit in the above situation or not? and i also don`t want to go with section 44-AD.
03 December 2011
Since ur business profit is less than 8%, u have to get ur books audited.. In case u dont want to get ur books audited then ur business profit will be deehed to be 8% of sales which comes to 240000.. Other incomes will be added to this business income to arrive at ur gross income..
CAclubindia
