Filing of it return nd audit

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Darshika chheda (Querist)
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11 November 2015 If we have income (income from speculative transaction) below slab rate after considering deuction under chap VIA then it is proper if we don't file IT return saying that income is below slab rate???? books of accounts to be maintained nd audit to be done under such case???? please reply. Thanks in advance

Nikhil Kaushik

Nikhil Kaushik (Expert)
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11 November 2015 you are required to file the return. The income to be considered for audit as well as return filing regulations is the income before claiming any deduction for the VIA items

Darshika chheda

Darshika chheda (Querist)
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12 November 2015 Is it so that in case of speculative transactions audit is compulsory??

Nikhil Kaushik

Nikhil Kaushik (Expert)
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12 November 2015 no. that is not so.............you have to go by 44AB/44AD provisions only. whether the business is speculative or not is not relevant

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