Audit
This query is : Resolved
06 July 2015
During Previous year i.e. f.y.2014-15, I had made loss in intraday trading of shares and loss in future & option. My salary income for the said year is Rs.300000.00 and loss due to trading in shares and f&o Rs.5000.00 and Short Term Gain from shares is Rs.1000.00. So please inform me whether Audit of my books of account is compulsory or not?
Nikhil Kaushik
(Expert)
06 July 2015
what is the F&O and intra-day turnover in your case....
Nikhil Kaushik
(Expert)
06 July 2015
then you should get the audit done to be safe
Message likes :
1 times
Nikhil Kaushik
(Expert)
06 July 2015
kindly note it is assumed that there is no chpater VI deduction available here.
06 July 2015
If i do not want to carry forward loss then also audit is compulsory?
Nikhil Kaushik
(Expert)
06 July 2015
audit is compulsory if your income from business is less than 8% of turnover and your overall income is above basic exempted limit which is in your case.
Nikhil Kaushik
(Expert)
06 July 2015
and what is a loss? isnt it nothing but negative business income?
Nikhil Kaushik
(Expert)
06 July 2015
and if you dont want to carry forward the loss, then file the return after the due date under section 139(1). it has no relation to what ITR form you have to use and with applicability of audit.
06 July 2015
ok thanks I understand that audit is compulsory in my case. if i want to carry over loss then i can carry over the same by filling return before due date
Nikhil Kaushik
(Expert)
06 July 2015
yes......................
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Visiting card purchase
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- Equity Share Sale and Purchase
- Whether output tax is taken credit by purchaser
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
