F & o and salaried income
This query is : Resolved
JYOTIRANJAN TRIPATHY
(Querist)
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?
CA R SEETHARAMAN
(Expert)
11 August 2015
Not required for audit as turnover is below the audit limit.
Message likes :
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JYOTIRANJAN TRIPATHY
(Querist)
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.
Nikhil Kaushik
(Expert)
11 August 2015
whats your salary? that is the relevant amount here to decide whether audit is applicable or not
JYOTIRANJAN TRIPATHY
(Querist)
11 August 2015
Gross- 16.5 Lacs
Taxable- 11 lacs
Taxable- 11 lacs
Nikhil Kaushik
(Expert)
11 August 2015
then audit should apply as conditions for audit under 44ab(d) are satisfied.
JYOTIRANJAN TRIPATHY
(Querist)
11 August 2015
My gross turnover is not >1Cr nor my total income >25 lacs. Why audit is required.
Nikhil Kaushik
(Expert)
11 August 2015
read section 44AD.........and 44ab clause d
CA R SEETHARAMAN
(Expert)
11 August 2015
I agree with the above reply.
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