Section 44ad

This query is : Resolved

Neetu (Querist)
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03 June 2013 Dear Friends,

I am an eleigible assessee u/s 44AD i.e. Indl. with T/O 55 lakhs in retail trade but I want to declare my profits below 8% of turnover. I have no other income and my Total taxable income is below 2 Lakhs. Do I need to get my books of accounts audited u/s 44AB.

Please advise.

Best Regards,

CA Neetu Ashish Goyal

CA VISHNU GAVKARE

CA VISHNU GAVKARE (Expert)
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05 June 2013 As per sec 44aa you are liable to maintain books of account. In case you have not then you can file return u/s 44as by declaring profit of 8%. In case you have maintained books of account then do not file return u/s. 44ad, file normal ITR 4. you need not get books of account audited. But if you want to file under 44ad declaring below 8% then you need to get it audited.