Confused regarding applicability of books of accounts and audit
This query is : Resolved
20 June 2025
Sir in my account,
Intraday equity trading cash (non f&o): loss 265/
Total turnover: 500/ only
STCG from share: 210000/
STCG from debt mutual fund: 25000/
LTCG from mutual fund: 97000/
Savings account interest income: 45000/
Commissions: 3700/ only (YDS deducted u/s 194H)
Since total income above basic exemption limit of 250000/ and loss in intraday equity,I can't opt 44AD as commission is there.
So,books of accounts and audit mandatory for me?
Please help as I'm confused and worried a bit too,
Thanks
Intraday equity trading cash (non f&o): loss 265/
Total turnover: 500/ only
STCG from share: 210000/
STCG from debt mutual fund: 25000/
LTCG from mutual fund: 97000/
Savings account interest income: 45000/
Commissions: 3700/ only (YDS deducted u/s 194H)
Since total income above basic exemption limit of 250000/ and loss in intraday equity,I can't opt 44AD as commission is there.
So,books of accounts and audit mandatory for me?
Please help as I'm confused and worried a bit too,
Thanks
20 June 2025
Declare Commission income under Schedule OS. No books of account mandatory by opting sec. 44AD.
20 June 2025
Thanks sir but don't you think that defective return notice may come if commission although miniscule,is declared under OS since TDS has been deducted u/s 194H ?
Thank you
Thank you
20 June 2025
No. Such provisions are allowed. Only thing is change entry in the Schedule TDS 2; as its source from 'BP' to 'OS'.
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