Is Tax Audit required
This query is : Open
Sagar kaushal
(Querist)
14 September 2020
I have loss on f/o trading (non -speculative) loss of Rs 2,80,000
and
1.speculative profit Rs 2,110
.short term profit on shares Rs 25000
.salary income 450000
.capital gain on property selling
Rs 20lakh
bank interest on s/a
Rs 51000
how I set off non speculative loss and with whom?????
##I got answer that it can set off with any other income except salary income
But
For non speculative loss means (loss in f/o trading) Rs280000
audit. is compulsory?????
sir turn over is not exceeds 1crore, but loss in f/o trading, loss means less than 6per.. income, that's why my question is audit is compulsory ,what to do plz clarify
and
1.speculative profit Rs 2,110
.short term profit on shares Rs 25000
.salary income 450000
.capital gain on property selling
Rs 20lakh
bank interest on s/a
Rs 51000
how I set off non speculative loss and with whom?????
##I got answer that it can set off with any other income except salary income
But
For non speculative loss means (loss in f/o trading) Rs280000
audit. is compulsory?????
sir turn over is not exceeds 1crore, but loss in f/o trading, loss means less than 6per.. income, that's why my question is audit is compulsory ,what to do plz clarify
CA Raj Doshi
(Expert)
15 September 2020
The Standard Practise in the Industry for such cases is to get the audit done. Accordingly the loss will be setoff against income from any other head except Salary.
Alternatively, you can show 6% of turnover as presumptive profits and accordingly forget the loss and not get the audit done.
Regards
CA. Raj Doshi
R C D & Co.
Chartered Accountants
E : raj@rcdco.in
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