Tax Audit for F&O losses
This query is : Resolved
30 December 2021
Dear Sir/Madam,
Assessee is proprietor running the business and such business incomes are declared under 44AD and profit is showed more than deemed profit.
Also Assessee has a F&O losses during year to the Tune of Rs.130,000/-
To put it more simple;
Salary Income 23 Lacs
Business income 65 lacs (declared under 44AD) profit shown more than 8%
F&O Loss - Rs 1.30 lacs
Is Tax Audit is compulsory for this case ?
Please advice us
Thank in advance.
Assessee is proprietor running the business and such business incomes are declared under 44AD and profit is showed more than deemed profit.
Also Assessee has a F&O losses during year to the Tune of Rs.130,000/-
To put it more simple;
Salary Income 23 Lacs
Business income 65 lacs (declared under 44AD) profit shown more than 8%
F&O Loss - Rs 1.30 lacs
Is Tax Audit is compulsory for this case ?
Please advice us
Thank in advance.
Dhirajlal Rambhia
(Expert)
30 December 2021
What is the F&O turnover, calculated as per ICAI guidelines?
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