02 February 2014
If the turnover is below Rs 1 crore in the financial year and net profit is not less than 8% of turnover, then no need to maintain books of account. In such situation file ITR 4S.
02 February 2014
Pl. read carefully what I wrote, if net profit is not less than 8% [means 8% or more] no need to maintain books. If profits are more than 8% file ITR4S.