Speculation Income-Tax audit aapplicability

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CA. Abhishek A. Sawant (Querist)
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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?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 July 2017 Tax audit not applicable if you are not having no other taxable income.

CA. Abhishek A. Sawant

CA. Abhishek A. Sawant (Querist)
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28 July 2017 thank u sir. but cud you give any material to read?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 July 2017 Read the provision.......,...............

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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).

CA. Abhishek A. Sawant

CA. Abhishek A. Sawant (Querist)
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30 July 2017 Okay. thank you very much

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