Commodity derivative & 44ab
This query is : Resolved
11 June 2013
WHETHER VOLUME OF SALES TRANSACTION PUT IN THROUGH COMMODITY TRADING HAS TO BE TAKEN FOR 44AB AUDIT. ELSE WHAT IS POSITION OF COMMODITY TRADING FOR INVOKING AUDIT U/S 44AB
11 June 2013
In case you are covered under sec.44AB based on turnover then need to do tax audit. incase your turnover limit is less than the turnover limit u/s.44AB, then you can opt sec.44AD and declare 8% of turnover or gross receipt as profit then no need to get audit of books,
If you want to claim loss or lower than 8% of profit u/s.44AD then need to get audit of the books
If you want to claim loss or lower than 8% of profit u/s.44AD then need to get audit of the books
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- NRI starting business in India
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- Filling ITR - U
- DIN reactivation
- FORM 141 SDV query
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
