F & o and salaried income
This query is : Resolved
11 August 2015
F&O account - Total Debit -22 Lacs
Total Credit- 13.5 Lacs
Total Loss FY14-15 is 9 lacs in f&O trading
Do i required to audit my account?
Total Credit- 13.5 Lacs
Total Loss FY14-15 is 9 lacs in f&O trading
Do i required to audit my account?
11 August 2015
Not required for audit as turnover is below the audit limit.
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11 August 2015
I have a loss of 9 lacs. Taxmantra suggesting for tax audit. They are telling if your loss is -8% you need a tax audit.
11 August 2015
whats your salary? that is the relevant amount here to decide whether audit is applicable or not
11 August 2015
Gross- 16.5 Lacs
Taxable- 11 lacs
Taxable- 11 lacs
11 August 2015
then audit should apply as conditions for audit under 44ab(d) are satisfied.
11 August 2015
My gross turnover is not >1Cr nor my total income >25 lacs. Why audit is required.
11 August 2015
read section 44AD.........and 44ab clause d
11 August 2015
I agree with the above reply.
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