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Income Tax Audit u/s 44AB(e)

This query is : Resolved 
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(Querist)
10 July 2023 One of my client has salaried income and doing F&O trading. In the last two FY i.e. FY 2020-21 & FY 2021-22 he has loss in F&O and asked to do Audit. So I audit him under sec 44AB(e).

Now, in the current FY 2022-23 he still have loss in F&O. Is audit applicable or we can file normal return.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
10 July 2023 As the business was audited u/s. 44AB(e) for last two years, you have to continue the audit till next three years if there is loss or profit less than 6% of TO.
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akshay maloo

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akshay maloo (Querist)
10 July 2023 Aren't we file return under normal provisions?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
10 July 2023 No, as the condition of sec. 44AD (4) & (5) are already applicable over it.
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akshay maloo

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akshay maloo (Querist)
10 July 2023 Ok Sir, Thank You So much.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
10 July 2023 You are welcome.
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