Plllzzzzz help request kindlyyyyy
This query is : Resolved
Guest
Guest
(Querist)
26 July 2012
hi frnds,
i am trading in f&o segment in shares,so kindly answer if i am required to do audit under sec 44ab and 44ad:
total sales value of f&o shares 15,00,000
sum of favourable and unfavourable balance of profit -65000(profit+loss ,for Turnover calculation)
my net loss from f &o 4500(profit-loss)
1.AS PER SEC 44AB AUDIT IS REQUIRED IF TURNOVER crosses rs 6000000.in my case its 65000 so i dont think audit is required?
2.AS PER SECTION 44AD will be reuired to do audit as i have incurred a loss in trading (as my income from other sources is only rs 70,000)??????????
i am trading in f&o segment in shares,so kindly answer if i am required to do audit under sec 44ab and 44ad:
total sales value of f&o shares 15,00,000
sum of favourable and unfavourable balance of profit -65000(profit+loss ,for Turnover calculation)
my net loss from f &o 4500(profit-loss)
1.AS PER SEC 44AB AUDIT IS REQUIRED IF TURNOVER crosses rs 6000000.in my case its 65000 so i dont think audit is required?
2.AS PER SECTION 44AD will be reuired to do audit as i have incurred a loss in trading (as my income from other sources is only rs 70,000)??????????
Guest
Guest
(Querist)
26 July 2012
will for section 44ad turnover will be rs 1500000 or rs 65000?????
Amol S Joglekar
(Expert)
27 July 2012
the MOD value of the transactions will regarded as Turnover.
Guest
Guest
(Querist)
27 July 2012
what is MOD value of the transaction????
Amol S Joglekar
(Expert)
28 July 2012
The difference is to be calculated. Irrespective of sign positive or negative.
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