Audit of turnover of Futures and Options

This query is : Resolved

UBEIDULLA (Querist)
Follow

12 June 2021 My client dealt in Futures and Options and the sales volume was Rs 5 crore. But he only earned losses. Is his accounts to be audited u/s 44 AB?
Can the experts throw light on this please

Deepa B

Deepa B (Expert)
Follow

06 July 2021 Tax audit limit for business for AY 2021-22 is Rs.5 crores subject to the condition that aggregate cash receipts and payments towards expenditure has not exceeded 5% of total receipts and total payments respectively. Irrespective of the fact that he has incurred only losses, turnover for the purpose of this section will be determined considering sum of positive and negative differences i.e. absolute profit. If the absolute profit exceeds Rs.5 crores then the client is liable for tax audit u/s 44AB

Dhirajlal Rambhia online

Dhirajlal Rambhia online

(Expert)
Follow

21 October 2021 Agreed, If your turnover calculated as specified above, is below 5 Cr. no tax audit applicable for AY 2021-22. File ITR 3 & carry forward losses, if not set off.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Rahul Kulkarni

suresh kotte

Shashank S Gore

chandradhass sathish

THOMAS JOHN

Subscribe Now

Audit of turnover of Futures and Options

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA