Applicability of tax audit
This query is : Resolved
28 July 2019
Dear Sir / Madam,
Mr A is having Rs. 90000/- loss from F&O (Turnover calculated Rs. 18.50 lakhs) and Gross Professional Receipts of Rs. 8 lakhs. His Net Professional (after expenses) income comes to Rs. 5.75 lakhs. His Net income % from Prof activities comes to 71.88%.
Whether:
1) Loss of F&O (90000/-) can be adjusted against professional income (5.75 lakhs)?
2) Is tax audit applicable as there is a loss from F&O?
Kindly guide
Suraj
Dear Sir / Madam,
Mr A is having Rs. 90000/- loss from F&O (Turnover calculated Rs. 18.50 lakhs) and Gross Professional Receipts of Rs. 8 lakhs. His Net Professional (after expenses) income comes to Rs. 5.75 lakhs. His Net income % from Prof activities comes to 71.88%.
Whether:
1) Loss of F&O (90000/-) can be adjusted against professional income (5.75 lakhs)?
2) Is tax audit applicable as there is a loss from F&O?
Kindly guide
Suraj
CA R SEETHARAMAN
(Expert)
28 July 2019
1 Loss can be adjusted.
2 Tax audit applicable in view of loss from F&O.
2 Tax audit applicable in view of loss from F&O.
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