Tax audit applicability for losses incurred in F&O business for a salaried person.
This query is : Resolved
24 December 2021
Dear Sir/Madam, please provide a solution for this.
Salary income: 7.50 Lacs
Turnover of F&O: 6.5 Crore
Losses in F&O: 1.9 Lacs
Is tax audit applicable for the above case.
Will your answer differ if the turnover is below 1 crore.
Salary income: 7.50 Lacs
Turnover of F&O: 6.5 Crore
Losses in F&O: 1.9 Lacs
Is tax audit applicable for the above case.
Will your answer differ if the turnover is below 1 crore.
24 December 2021
As per the available figures, tax audit not applicable.
Hope the turnover 6.50 Cr is aggregate of absolute values of trades.
Yes, the answer may differ for turnover below 1 Cr.
Hope the turnover 6.50 Cr is aggregate of absolute values of trades.
Yes, the answer may differ for turnover below 1 Cr.
24 December 2021
Yes sir the turnover is the absolute values of profit & losses of the trades.
And thanks for the reply.
Even if the turnover is below 1crore the tax audit still does not apply right.
And thanks for the reply.
Even if the turnover is below 1crore the tax audit still does not apply right.
24 December 2021
There it is required to check applicability of Sec. 44AD(4) of IT act, if any.
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