44AD Opting


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This discussion clarifies that individuals can indeed opt for Section 44AD and declare profits higher than the presumptive 8% rate. It also addresses the applicability of tax audits for Futures and Options (F&O) transactions, stating that an audit becomes mandatory for turnovers exceeding 10 crore rupees.

16 July 2023 Can an assessee opt 44AD and declare a profit higher than 8%.
Also what is tax audit applicability for FNO transaction.

16 July 2023 1. Yes.
2. For turnover above 10 Crs., it is mandatory.

16 July 2023 Thank you sir.........

16 July 2023 Most welcome...


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