F &O LOSS AND AUDIT ETC
This query is : Resolved
Quick Summary
25 July 2024
ONE OF MY CLIENT HAS INCURRED LOSS OF RS 2 LAKHS IN F & O TRADING AND HIS TURNOVER IS 40 LAKHS ONLY WHETHER HE IS LIABLE FOR AUDIT U/S 44 AB OF IT ACT PL .HELP.
Dhirajlal Rambhia
(Expert)
25 July 2024
Whether he had declared the F&O income under sec. 44AD IT act, in any preceding 5 years?
25 July 2024
No. He is a salaried emploee in private sector and also earning interest from private parties and banks.
Dhirajlal Rambhia
(Expert)
25 July 2024
In that case no audit u/s. 44AB IT act, applicable over it.
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