Is audit required to carry forward f & o transactions loss
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 July 2013
Hi
My turnover of F & O Transactions is below 1 crore during fy 2012-13 & i have incurred loss of 2 lakhs. Will audit of books compulsory for carry forward of loss
Please advice
My turnover of F & O Transactions is below 1 crore during fy 2012-13 & i have incurred loss of 2 lakhs. Will audit of books compulsory for carry forward of loss
Please advice
13 August 2013
As per Section 44AD(5) an assessee who claims profit less than 8% and whose income EXCEEDS THE MAXIMUM AMOUNT NOT CHARGEABLE to tax is required to get his accounts audited.
In case of loss, the income DOES NOT exceed the maximum amount not chargeable to tax (Rs. 2,50,000).
Accordingly you are NOT required to get your accounts audited.
In case of loss, the income DOES NOT exceed the maximum amount not chargeable to tax (Rs. 2,50,000).
Accordingly you are NOT required to get your accounts audited.
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