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