Showing speculation loss in itr
This query is : Resolved
14 August 2018
Sir,
As speculation business is considered under section 44AD of Income tax act, how can we show loss from speculation business without getting audit under section 44AB ? Because as per section 44AD if the presumptive income is less than 8% or 6% as the case may be, it will result into tax audit. So what is the way out in this matter ?
As speculation business is considered under section 44AD of Income tax act, how can we show loss from speculation business without getting audit under section 44AB ? Because as per section 44AD if the presumptive income is less than 8% or 6% as the case may be, it will result into tax audit. So what is the way out in this matter ?
14 August 2018
if you want to carry forward the loss, file ITR-3. If the income is above basic exemption limit, audit would be required.
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