The assessee has 1 normal business(profit 7 lac) and other is trading in share (speculative loss 55000). His both business are subject to audit.I have filed audit report by combining both businesses profit and loss account and balance sheet. When I am filing ITR the profit of normal business is getting set off by speculative loss which is not allowed as per income tax act. Now I have separated business profit from speculative business in ITR. But now error showing that profit are not equal to profits shown in audit report.and you will get notice from department. My query is how to report speculative loss in ITR which is subject to audit-- 1. When I combine both business- profit get set off. 2. When I separate it ,it shows -difference in reported value in audit report and ITR. Please suggest how to solve the issue.

SIR,
THE ASSESSEE HAS 2 BUSINESS. ONE IS TRADING IN GOODS(TURNOVER 12 CRORE) AND OTHER IS TRADING IN SHARES(TURNOVER 6 CRORE SPECULATION BUSINESS) . BOTH BUSINESS ARE SUBJECT TO AUDIT AND ARE DIFFERENT. MY QUERY IS HOW TO FILE AUDIT REPORT OF 2 BUSINESS DIFFERENLY. ONE BUSINESS AUDIT REPORT IS FILED AND ACCEPTED. WHEN I AM FILING 2ND REPORT, THE PORTAL TELL TO ADD CA. WHEN ADDING CA IT TELL CHANGE THE FILING SECTION I.E.REVISED AUDIT REPORT. BUT FOR SECOND BUSINESS IT IS ORIGINAL REPORT AND NOT REVISED REPORT. ONE OF MY FRIEND TELL ME TO ADD TUROVER OF BOTH BUSINESS AND FILE AUDIT REPORT. BUT HOW TO COMBINE THE TWO BUSINESS DETAILS AS BOTH ARE DIFFERENT , ONE IS NORMAL BUSINESS AND OTHER IS SPECULATION OF SHARES. WHAT TO DO IN THIS CASE ? WHAT IS RIGHT IN THIS SITUATION? PLEASE SUGGEST

Respected Sirs,

Greetings.

An assessee has dealt in share trading / Futures and options / Units whose turnover is above Rs.10 crores for the Assessment Year 2021-2022. Total Loss on account of above transactions is Rs.2.00 lacs. Other than the above, the assessee has declared an income of Rs.1.50 from other sources.

Whether the assessee is responsible for tax audit under section 44AB of the Income tax Act.

Please clarify.

With kind regards,

Kindly provide formula for calculating Networth attributable to Shareholding as per Latest Audited Balance Sheet in AOC-1 e.g. V Pvt Ltd is associate of F Pvt Ltd only by virtue of shareholding say 22.90% is held by F Pvt Ltd in V Pvt Ltd. While preparing AOC-1 by F Pvt Ltd, how to calculate networth attributable to Shareholding

Read more at: https://www.caclubindia.com/experts/aoc-1-networth-attributable-to-shareholding--2648029.asp

Dear Sir,
My CTC is 11lac but I have started a flying business last year where in I incurred a loss of around 75k so which ITR do I need to file and will my loss need auditing??

Dear Sir,
I've a partnership firm which only deals in trading in F&O,Stocks, Mutual Fund. and say by year end I have profit in it but very less amount say 1 lac.
But my expense are also there like internet bill, travelling etc which exceeds more than 1 lac say its 1.50lac.
Can I file ITR without audit showing loss if my trading turnover is less than 5 cr?

Can you help me for following informations.

1.Internal Audit FAQs of a Govt Company
2. checklist for internal audit in a govt company

My assessee is a propietor of a trading business having turnover of Rs.75 lakhs. As the net profit shown is less then 8% his books are audited u/s 44AB(e). He has also entered into derivatives trading with a annual turnover of Rs.15 lakhs and a profit of Rs.4 lakhs (i.e. more then 8%). Will he have to audit the books of his derivatives trading business as well. He has not maintained books of his derivatives trading business. Can he opt for taxation u/s 44AD for his derivatives trading business and sec 44AB(e) for his regular trading business

I HAVE A PROPRIETORSHIP BUSINESS .. APR 20 - MARCH 21 THE TURNOVER WAS LESS THAN RS 2L BUT THE EXPENSES WERE HIGER THEREBY INCURRING LOSSES .. DO I NEED TO AUDIT MY ACCOUNTS AS I WANT TO SHOW LOSSES TO BE CARRIED FORWARD FOR NEXT YEAR .. KINDLY GUIDE ..

Dear Experts,

Please guide me

How to Prepare Trading & Profit & Loss Account for F &O Trading in Case of Tax Audit
Futures and options (Non-speculative transactions)
In Normal scenario, turnover for Futures & Options is determined as follows –
o The total of favorable and unfavorable differences shall be taken as turnover
o Premium received on sale of options is also to be included in turnover
o In respect of any reverse trades entered, the difference thereon should also form part of the turnover.
For understanding the above Turnover is taken as “Calculated Turnover”.

My question is when an assessee opts for Tax Audit in F & O Trading; Turnover to be credited in Trading & Profit & Loss Account shall be
1. Normal Turnover or
2. Calculated Turnover.

If we have to go for Option (1), Normal Turnover shall be credited in the Trading & Profit & Loss Account and normal Purchase value along with all the expenses such as Securities Transaction Tax, Stamp Duty, Brokerage, Exchange Transaction Charges, GST, SEBI Turnover Fees etc. shall be debited in the Trading & Profit & Loss Account , the balance being the Net profit/Loss.

But if we have to go for Option (2), Calculated Turnover shall be credited in the Trading & Profit & Loss Account.

But how to account for the difference in Turnover (Normal Turnover Vs Calculated Turnover) .

• Suppose Normal Turnover (Sell value) in case of F&O Trading is Rs. 250.00 Lacs and Calculated Turnover comes at Rs. 50.00 Lacs

• Now, since we have to credit Rs. 50.00 Lacs in the Trading & P & L A/c (Calculated Turnover), How to adjust the difference of Rs. 200 Lacs (250 – 50)?

• Shall the difference be adjusted with the normal purchase value?

• Whether all the expenses such as Securities Transaction Tax, Stamp Duty, Brokerage, Exchange Transaction Charges, GST, SEBI Turnover Fees etc. shall be debited in the Trading & Profit & Loss Account?