audit u/s 44ad

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  1. I have a query u/s 44ad
    I have a turnover of 50lacs and my net profit is 1.5lacs. Will I be required to get my books audited??

    Also, what all items are needed to be taken into to calculate turnover u/s 44ad.
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    Although your net profit is less than 8% of your total turnover, but as your Net Profit is below the min amount chargeable to tax i.e. Rs. 2 Lakhs - therefore it is not mandatory for you to get your tax audit conducted.
     
    G.PARTHASARADHI REDDY likes this.
  3. sir i have one doubt regarding this, in which ITR FORM we required to use for this either itr 4s or itr 4
     
  4. sir in this situation we require to maintain books of accounts u/s 44AA
     
  5. Sumit Agarwal

    Sumit Agarwal Active Member

    ITr 4 would be filed and you are not bound to maintain books of accounts u/s 44AA.
     
    G.PARTHASARADHI REDDY likes this.
  6. in case iam selected for scrutiny u/s143( 3) i required to submit any documents/books
     
  7. sir in this case if i selected for scrutiny u/s 143(3) , i need to submit any books/documents to A.O
     
  8. Sumit Agarwal

    Sumit Agarwal Active Member

    You are not required to maintain books as per sec 44AA but you should keep documents which are enough to ascertain your income shown in your books such that bank statement, cash transaction duly recorded, etc. You are required to explain the AO that you are not eligible to maintain books u/s 44AA and therefore I submit you the documents which are enough to ascertain my true income.
     
    rudrabose likes this.
  9. thank you sir
     
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