Dear Sir / Madam,

Mr A is having Rs. 90000/- loss from F&O (Turnover calculated Rs. 18.50 lakhs) and Gross Professional Receipts of Rs. 8 lakhs. His Net Professional (after expenses) income comes to Rs. 5.75 lakhs. His Net income % from Prof activities comes to 71.88%.

Whether:
1) Loss of F&O (90000/-) can be adjusted against professional income (5.75 lakhs)?
2) Is tax audit applicable as there is a loss from F&O?

Kindly guide
Suraj

Hi expert,
It is a request with respectful regarding audit case. I want to know that we had audited individual return for the financial year 2017 to 2018 because our turnover exceed so we had filed income tax return in audit by CA. And paid the minimum tax under audit. It was first year of audit. There was turnover 98 lakh rupees in the financial year 2017-2018. But there is turnover 28 Lakh rupees in the financial year 2018-2019. May I file and pay the income tax on 44AD, 8%.

Best regards,
Mohd Nasruddin

Hello Everyone..
FOR A PROPRIETORSHIP FIRM, WE HAVE FILED ITR ON 30 SEPT WITH TAX AUDIT REPORT FOR FY 17-18 AS TURNOVER FOR PY WAS MORE THAN 1 CR.
BUT NOW IN FY 18-19, TURNOVER IS LESS THAN 1 CRORE..SO WHETHER AUDIT REPORT IS REQUIRED OR NOT AND DUE DATE FOR FILING ITR WILL BE 31ST JULY, 2019??
Please explain with example

Dear Sir,
please tell me about whether Tax Audit Applicable u/s 44AB or not, my client income from Business under section 44AD Rs. 158795( i.e 32% of Turnover Rs.4,95,044, more than 8% as per 44AD(1)) & my other Income is Rs.103359, Gross Total Income Rs.262154. Chapter VI Deduction Rs. 54317 (LIC 30317+Donation 24000) hence my Total income chargeable to tax Rs. 207840.

as per above case whether Tax Audit is Applicable or not ? please tell me.

( A person covered under Section 44ADA is required to get his books of account compulsorily audited u/s 44AB if such person claims that the profits and gains from the Profession are lower than the profits and gains computed in accordance with the provisions of section 44ADA(1) AND if his income exceeds the maximum amount which is not changeable to tax (i.e basic exemption limit).

1.My client partnership firm in first year having losses in books of accounts f.y18-19 .whose turnover less than 1 crore. whether audit is necessary ?
2 . Interest on partner capital and remuneration to partner is mandatory to pay them in case of loss in firm ?
3. Can we Claim Additional Depreciation in first year of production ?

Hello All,

I have a query what is a Public limited co. and a Limited company

Also whether it is mandatory for a limited company to appoint two auditors , one internal and external

Can the ecperts guide me if udin is compulsory for all certificates, audit reports, provisional financial statements, projected financial statements etc

I want to know procedure to appoint new auditor and we want to conduct audit in our branch office now onwards for FY 2018-19.

So, please let me know the legal procedure of ROC.

Thanks,
Amit

Query:- One Proprietor has two business Business X has t/o of 2.5 Cr and Business Y has T/o of 5 Lakh How to conduct tax audit report and how to issue financials statements in Tax Audit?

Whether there is Any Changes in Trust Audit Report for the F.Y 2018-19???