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Section 44AD & Derivative Income

This query is : Resolved 
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(Querist)
20 June 2011 An individual is having derivative loss of Rs. 1 lac. His total turnover is Rs. 3 Lac.

(1) Is Trading in derivative is covered under 44AD ?

(2) If yes than is he required to audit account ?

Please reply

Thanks in advance

KIYOSH
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CA MANOJ GUPTA

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CA MANOJ GUPTA (Expert)
21 June 2011 YES IT IS COVERED
NO AUDIT IS REQD IF THE TOTAL INCOME DOES NOT EXC4EED 160000
CA MANOJ GUPTA
JODHPUR
09828510543
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KIYOSH

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KIYOSH (Querist)
21 June 2011 MR. MANOJ GUPTAJI

INCOME IS ABOVE 1,60,000 THAN WHAT ?

AUDIT IS REQUIRE

KIYOSH
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CA MANOJ GUPTA

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CA MANOJ GUPTA (Expert)
21 June 2011 yes if profit is declared below 8 per cent of gross receipts
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