Applicability of sec.44 ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 September 2012
i want to know whether the trading in Futures and options is covered under Sec.44AD.
one of our client have loss in Futures and options.whether Audit is to be conducted in this case. ?
one of our client have loss in Futures and options.whether Audit is to be conducted in this case. ?
01 September 2012
i) Trading in futures and options of shares is an 'eligible business' covered u/s 44AD.
ii) No need of audit vide 44AD(5),in view of the loss, provided the absolute value of profit or loss does not exceed Rs.60 lakhs.
ii) No need of audit vide 44AD(5),in view of the loss, provided the absolute value of profit or loss does not exceed Rs.60 lakhs.
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