Audit u/s 44ad
This query is : Resolved
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.
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).
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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