f&o
This query is : Open
05 October 2009
A person having business turnover of Rs39 lacks and F&O turnover of Rs4 lacks,whether he is liable for audit u/s 44AB?
CA CHINTAN AJMERA
(Expert)
05 October 2009
Not go for tax audit. F&O income or turnover treated as a capital gain.
05 October 2009
Chintanji , i have a different opinion.
F&O is assessed as speculative business income ( sec 43(5) )
So business turnover + F&O turnover if exceeding 40 lakhs , then 44AB is attracted .
F&O turnover is the sumtotal of favorable and unfavorable differences ( profit + loss)
F&O is assessed as speculative business income ( sec 43(5) )
So business turnover + F&O turnover if exceeding 40 lakhs , then 44AB is attracted .
F&O turnover is the sumtotal of favorable and unfavorable differences ( profit + loss)
Aditya Maheshwari
(Expert)
06 October 2009
Yes agreed with rajeeev.
Assessee liable for tax audit.
Assessee liable for tax audit.
07 October 2009
A person having business turnover of Rs39 lacks and F&O turnover of Rs4 lacks,whether he is liable for audit u/s 44AB?
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