Itr 4s under 44 ad

This query is : Resolved

Jitender kumar (Querist)
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20 March 2014 Is audit mendatory for below 8% profit of gross receipt/turnover, if ITR 4S filed under 44AD. Regards Jitender

Nikhil Kaushik

Nikhil Kaushik (Expert)
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20 March 2014 it is mandatory provided the total income is more than the exempted limit.

if the profit is less than 8% but the total income is also less than the exempted limit, then no audit is applicable.

NARENDRA SONI

NARENDRA SONI (Expert)
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20 March 2014 Yes, U/s.44AD Audit is mandatory if profit from business is lower than 8% of the turnover and income chargable to tax is not lower than the maximum amount chargable to tax. On the other hand, if profit is lower than 8% of turnover and income chargable to tax is lower than the maximum limit, then audit is not required u/s.44AD

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