F & O Transactions
This query is : Resolved
23 September 2019
Asseessee HUF is trading in F & O
In A Y 17-18 & A Y 18-19, since F & O Turnover were More than 1 Crore & Profit were Less than 6%, so Tax Audit was done in Last 2 years.
In AY 19-20
F & O Turnover is Rs 21 lacs approx
and there is Loss in F & O business, No other Income Except Bank Interest
Will Tax Audit Applicable ?
In A Y 17-18 & A Y 18-19, since F & O Turnover were More than 1 Crore & Profit were Less than 6%, so Tax Audit was done in Last 2 years.
In AY 19-20
F & O Turnover is Rs 21 lacs approx
and there is Loss in F & O business, No other Income Except Bank Interest
Will Tax Audit Applicable ?
CA R SEETHARAMAN
(Expert)
24 September 2019
Not applicable in case no taxable income.
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