Income tax audit under 44ab for losses

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This query is : Resolved

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This discussion clarifies whether an income tax audit under section 44AB is required when an assessee has two businesses: trading of goods with turnover below 1 crore and income from futures and options also below 1 crore, resulting in a loss from the latter. Previously filed under 44AD, the query seeks advice on the necessity of a tax audit to claim the futures and options loss.

Pranali Bhandari

Pranali Bhandari (Querist)
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19 June 2023
if assessee having two business income

1) income from trading of goods
- Turnover is below 1cr
2) income from future and options - Turnover is below 1cr

* 12% profit from Trading of goods
* losses from future and options

Previously ITR filed under 44AD

Please advise me that we need to audited our books of account to claim of future & options