Filing of it return nd audit
This query is : Resolved
Darshika chheda
(Querist)
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
(Expert)
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
(Querist)
12 November 2015
Is it so that in case of speculative transactions audit is compulsory??
Nikhil Kaushik
(Expert)
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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