Tax audit and 44 ad

This query is : Resolved

PRAMOD KUMAR (Querist)
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29 July 2011 Dear Sir,
The Assessee is a trader in futures and options. Day to day entries are passed in Mark to Market Account. At the end of the year the total of Debits and credits is suppose 10 Lakhs ( 4 Lakhs in credit and 6 lakhs in debit) Net result being Loss of Rs. 2 lakhs. Assessment year is 2011-12.

Whether tax audit will be required in that case.

Pramod

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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30 July 2011 Tax Audit is not required in this case, provided his total income by including income under all the heads of income and after providing chapter VIA deductions is not taxable.

PRAMOD KUMAR

PRAMOD KUMAR (Querist)
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30 July 2011 He has profit from other sources 4,00,000/-.
In that case the business loss will be adjusted and the balance is 2 lakhs.
He has 80 C deductions of 50,000/-.
Now what will be the option for Assessee.
Will it make any difference if the source of income is salary?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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31 July 2011 Still ,can avail 44AD(5). No need of audit.

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