Income tax audit under 44ab for losses
This query is : Resolved
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Pranali Bhandari
(Querist)
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
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
CA R SEETHARAMAN
(Expert)
19 June 2023
Tax audit required if combined income is above taxable limit.
Pranali Bhandari
(Querist)
19 June 2023
sorry sir can you more elabarote on this.
CA R SEETHARAMAN
(Expert)
19 June 2023
Tell me the income from trading of goods and loss from f and o.
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