DOES SEC 44AD APPLY TO DERIVATIVES TRANSACTION AND IF SO DO THE CLIENT HAVE TO BE AUDITED IF THERE IS A LOS OR PROFIT IS LESS THA 8%.
CHETAN SHAH (PROPREITOR) (38 Points)
16 July 2014DOES SEC 44AD APPLY TO DERIVATIVES TRANSACTION AND IF SO DO THE CLIENT HAVE TO BE AUDITED IF THERE IS A LOS OR PROFIT IS LESS THA 8%.
Nikhil Kaushik
(Fellow CA)
(85090 Points)
Replied 23 August 2014
yes. 44AD applies to F&O business and yes if the profit is less than 8%, tax audit is to be done
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