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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 :

30 December 2020 at 19:07

Audit requirement in case of low income

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 ?

27 December 2020 at 22:31

Negative cash

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

26 December 2020 at 14:10

Due date extension

Dear Experts,
As of now No official Due date extension,
Can we still expect the due date extension,


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

22 December 2020 at 19:15

Applicability of IND AS

Sir if a company ABC Pvt Ltd has 30% stake in another company XYZ LTD which is applying IND AS, does ABC Pvt Ltd have to apply IND AS?

22 December 2020 at 10:57

LLP Audit

Audit of LLP if T/o more than 40 lakhs or Contribution more than 25 lakhs
Whether Fixed and Current capital both to be considered for this limit..

19 December 2020 at 15:20

Notes to the accounts

Hi all,

Whether notes to accounts contain signature of the directors?
Thanks in advance

16 December 2020 at 15:28

Tax Audit Applicable or not

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??

15 December 2020 at 14:04

UDIN Related query

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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