Audit u/s 44ad required?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 May 2016
Speculation and intra day loss on shares, futures and options Rs. 15,00,000/-
Speculation and Intra Day Gain on shares, Futures and options Rs. 10,00,000/-
Total Turnover Rs. 25,00,000/-
Net Loss Rs. 5,00,000/-
Whether audit is required u/s 44AD as profit is below 8% of the turnover?
Speculation and Intra Day Gain on shares, Futures and options Rs. 10,00,000/-
Total Turnover Rs. 25,00,000/-
Net Loss Rs. 5,00,000/-
Whether audit is required u/s 44AD as profit is below 8% of the turnover?
Amol S Joglekar
(Expert)
12 May 2016
find out the MOD difference....(giving NO regard to sign i.e. profit or loss). If the said value exceeds the limit, then tax audit will be made applicable
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