Audit u/s 44ab

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 June 2018 My salary income is 3.80 Lac. During the financial year 2017-18 in F & O trading I bear a loss of Rs. 39,80000/- and gain profit of Rs. 38,20,000/-. Means total turnover u/s 44AB is Rs. 78.00 Lac and net loss of Rs. 1,60000/-. Please suggest whether I will be liable for audit due to 44AD or not. Please

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 June 2018 Not liable for tax audit as income earned is below taxable limit.

Querist : Anonymous

Querist : Anonymous (Querist)

22 June 2018 Thanks for your reply. Please advise what will be the position if salary income is more than 5.00 Lac and loss from F & O trading is 1.60 Lac. Please

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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22 June 2018 Then audit is required.

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