I am a senior citizen having pension and other income OF RS 3.20 lakhs( after availing tax rebate under 80 C, 80D, TTB etc)during durrent FY 2020-2021 . I have done share trading transactions ( delivery and intra day) with a turnover of Rs 76 lakhs from 1st april 2020 till 31st december 2020 earning a business income of Rs 1.35 lakhs. This will offset a carried forward loss of 65000/- from last financial year.
my query is : SINCE THE SHARE TURNOVER IS LESS THAN 1 CRORE AM I LIABLE TO HAVE MY SHARE ACCOUNTS AUDITED BEFORE FILING ITR 3 FOR FY 2020-2021, despite my other income exceeding tax exemption levels ???
I am getting confusing answers from my CA qualified friends. Please quote the rule and kindly help me with a correct clarification. Please reply to : rvrv002@gmail.com
MOST GRATEFUL IN ANTICIPATION
V RAMACHANDRAN
COIMBATORE
If the turnover of a business isless than 1 crore but the profit is lower than 6 % then is it required to get the accounts audited or not ?
Sir i have a large amount of negative cash in b/s what can i do to resolve it
It's kirana wholesale account
Maximum debtor are realised and sold him as B2 C NATURE
Dear Experts,
As of now No official Due date extension,
Can we still expect the due date extension,
Thanks
Nikhil
Weather an AOP is required to gets his accounts audit under income tax if profit is less than 8% or 6%
For ex.
Total Turnover is 49 Lakh
Surplus/Profit 20,000
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Hi all,
Whether notes to accounts contain signature of the directors?
Thanks in advance
Individual or Partnership Firm has Audited u/s 44AB his books in 2018-19 due to net profit below 8% having turnover 80L. Now in 2019-20 turnover is 90L and profit is below 8 % then Audit is required or not in 2019-20??
We have submitted tax audit report on 25.10.2019. that time we were generated UDIN but not updated on Income tax portal. bcz that time UDIN Updation option was not available. so now it is required to be update in IT Website for audit report filed on 25.10.2019?
WHETHER I HAVE TO GET MY SHARE TRADING ACCOUNTS AUDITED