Speculation Income-Tax audit aapplicability
This query is : Open
28 July 2017
Suppose for AY1-18 i (individual) hve suffered a speculation loss from transaction in Futures n options. if i want ti claim loss then will tax audit be applicable?
28 July 2017
Tax audit not applicable if you are not having no other taxable income.
28 July 2017
thank u sir. but cud you give any material to read?
28 July 2017
Read the provision.......,...............
29 July 2017
1. Please check proviso (d) of section 43(5) and ascertain that your dealing is speculative or not.
2. In either case , if the absolute value of profit and loss exceeds Rs. 1 crore tax audit is required u/s 44AB(a).
2. In either case , if the absolute value of profit and loss exceeds Rs. 1 crore tax audit is required u/s 44AB(a).
30 July 2017
Okay. thank you very much
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