Audit u/s 44ad

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Rohit Jain (Querist)
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11 June 2013 THE ASSESEEE IS ENGAGED IN THE BUSINESS OF TRADING IN SHARES ON A NON DELIVERY BASIS AND IN F& Os. The assesee is not maintaining books of accounts and is claiming lossess in computaion of income.whether section 44AD is applicable to such assessee.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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11 June 2013 If the absolute value of profit and loss in F & O business, which is the turn over, is less than 1 croe, 44AD applies.

If profit and gains of such turnover is < 8% 44AB audit is required.

If the profit and gains of such turnover is a - ve figure and the status of the assessee is 'individual' 44AD applies and tax audit u/s 44AB is not required vide section 44AD(5).

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