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 : email@example.com
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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 ?
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Thanks in advance
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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?
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