Commodity derivative & 44ab
This query is : Resolved
P.Kanagaraj
(Querist)
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
CMA Ramesh Krishnan
(Expert)
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
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