Hi My dear CA Frnzz,
For AY 2014-15 I had filed my ITR - 4 as I had a loss from F & O Derivative & Loss from Intraday of Rs 125000/- (both are business income) and only profit return can be filed in ITR 4S (Hope my contention is right).. I had a turn over net is 695000/-, and my other income is Rs 350000/-. But I got a defective return notice from the department asking me to audit the books.
According to me since the turnover is is less than 1Cr as in Sec 44AB, I ignored audit, please let me know is my contention is right please guide me on the issue.
Thanking you in anticipation
Regards
Prasad.
CAclubindia
