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This query is : Open
CA Ankith Jain
(Querist)
18 August 2015
Hello all,Pls somebody clarify my doubt.We have a client who had a loss in options trading of Rs. 44000. He had just traded once.So in ITR-4 while filing the warning appears as " Net Profit cant be negative in No accounts case".So does it mean that Sec 44AD applies and audit had to conducted and books of accounts to be maintained if net profit less than 8?My question is now how to deal with the warning?Thanks.;)
18 August 2015
For computing the gross receipts of options business both sides will be taken. ie. net settlement amount, loss and profits. so here your gross turnover is 44000.And you should declare 8% on this amount.
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