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,
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?

One of my client a partnership firm having turnover of 5 lacs and business loss of Rs.115000/- in FY 2020-21 and having a loss on sale of fixed asset of Rs.10 lacs wants its books to get audited and file 3CD.
In last year FY 19-20 the turnover was Rs.63 lacs and audit was done u/s 44AB(e).
Please advise whether tax audit is required to be done this year or not as Sec. 44AD(5) reads as below :
Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee to whom the provisions of sub-section (4) are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.

Dear Expert,

We are the service receiver from Landlords and paid rent on half yearly basis. The payment will be made once agreement received and will update the details in IND AS-116 tools to find ROU, etc.

Here we have received agreement and first payment done in the month of Sep'21 and the details has been updated in the Tools for the FY 21-22( From Feb'21 to Sep'21 ). we have not given any impact for the FY 20-21 but the auditor not agreed and instructed to make ROU& Other related entries for the FY 20-21. Please confirm is this right way.

My doubts.
After receiving agreement only, we will know the agreement start date, rent star date, etc. in this case we have received agreement & 1st payment done in the month of Sep'21 only. This is the reason we have not given any entry impact for this contract for the FY 20-21 ( Feb'21 & mar'21 ). Please confirm, is this mandatory to make the entry for the month of Feb'21 & Mar'21 periods ( ROU, etc ) or shell we make the entries in the FY 21-22.?