Applicability of tax Audit in case of losses from Intra day trading
This query is : Resolved
08 January 2022
Requesting for your clarification regarding tax Audit applicabilty on intra day trading losses".
My question is that: Is Tax audit mandatory when we suffer Intra day trading losses and Total income ( excluding losses from trading ) exceed basic exemption limit i.e. 2,50,000 but total turnover i.e. Profit + Losses from trading is below Rs 1crore ?
My question is that: Is Tax audit mandatory when we suffer Intra day trading losses and Total income ( excluding losses from trading ) exceed basic exemption limit i.e. 2,50,000 but total turnover i.e. Profit + Losses from trading is below Rs 1crore ?
08 January 2022
Turnover below one crore tax audit not applicable if you have not opted for 44AD previous years.
10 January 2022
Thanks Sir ! I appreciate your quick response.
Request for your help in below case as well :
What if we got Penality order u/s 271B for not getting books of account audited considering the abovementioned case only .( Not opted for 44AD as well in last year )
Where we have just filed ITR-1 to show salary income ( exceeding 2,50,000) and not shown intra day trading losses in ITR ( filed wrong ITR) and hence not carry forward those trading losses too .
Is that Penality order justified ?
Request for your help in below case as well :
What if we got Penality order u/s 271B for not getting books of account audited considering the abovementioned case only .( Not opted for 44AD as well in last year )
Where we have just filed ITR-1 to show salary income ( exceeding 2,50,000) and not shown intra day trading losses in ITR ( filed wrong ITR) and hence not carry forward those trading losses too .
Is that Penality order justified ?
11 January 2022
The penalty order not justified. Go for appeal.
Person is at liberty not to claim loss in ITR.
ITR 1 filed is in order.
Person is at liberty not to claim loss in ITR.
ITR 1 filed is in order.
11 January 2022
You are welcome......
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