Tax audit applicability 5%
This query is : Resolved
Quick Summary
25 July 2022
Sir
FnO Turnover is 3 cr , FnO loss 3,00,000/= + Professional income is 14,00,000/- net profit is around 5% only 2 lakh received in cash I want to know if Tax audit is applicable due to this point. Last year Tax audit is not applicable Is Audit applicable now for FY 21-22 (AY 22-23)? Please Guide.
FnO Turnover is 3 cr , FnO loss 3,00,000/= + Professional income is 14,00,000/- net profit is around 5% only 2 lakh received in cash I want to know if Tax audit is applicable due to this point. Last year Tax audit is not applicable Is Audit applicable now for FY 21-22 (AY 22-23)? Please Guide.
Dhirajlal Rambhia
(Expert)
25 July 2022
What is the profit from professional income?
25 July 2022
8.97 Lakh is profit from professional income and fno loss is 2.93 so net profit is 6.04 lakh
Dhirajlal Rambhia
(Expert)
25 July 2022
Tax audit not applicable...
File ITR 3 with books maintained for F&O business.
File ITR 3 with books maintained for F&O business.
25 July 2022
sir can u send me your email id i want send you P&L a/c for your valuable opinion or your whatsapp no
Dhirajlal Rambhia
(Expert)
25 July 2022
Sorry Dear ................
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