Regarding audit incase of loss in fno and intraday

This query is : Resolved

Jai shree Narayan (Querist)
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15 June 2023 Incase of loss in fno and intraday whether it is compulsory to go for audit if turnover is around 20lakhs to 22 lakhs???

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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15 June 2023 No, unless opted out of presumptive assessment u/s. 44AD in any of the preceding five years.

Jai shree Narayan

Jai shree Narayan (Querist)
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15 June 2023 I have another buisness which i declared under 44ad with above 8%profit from last few years and this year also i will declare it above 8%. But i started intraday and fno in financial year 2022-23. My total income is above 2.5lakh.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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15 June 2023 What is the total/aggregate turnover of all these businesses?

Jai shree Narayan

Jai shree Narayan (Querist)
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16 June 2023 Around 28lakhs sir , 1)is it requires to maintain books of accounts for intraday and fno??
2) is it requires to go for audit??

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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16 June 2023 1. No if all the businesses including intraday & F&O are declared under presumptive assessment; otherwise YES.
2. No audit u/s. 44AB mandatory, but maintenance of books of accounts mandatory.

Jai shree Narayan

Jai shree Narayan (Querist)
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16 June 2023 I am declaring fno and intraday under regular buisness and another buisness under 44ad. Than what will be the case of books of accounts and audit???

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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16 June 2023 Your aggregate turnover being less than 1 Cr. No tax audit applicable.

Jai shree Narayan

Jai shree Narayan (Querist)
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16 June 2023 K thanks sir for your precious advise

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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16 June 2023 My pleasure.

Jai shree Narayan

Jai shree Narayan (Querist)
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25 June 2023 Sir In no accounts case whether we can declare lossess with books of accounts maintained???