Tax audit requirement for derivatives Trading business
This query is : Resolved
26 December 2021
My assessee is a propietor of a trading business having turnover of Rs.75 lakhs. As the net profit shown is less then 8% his books are audited u/s 44AB(e). He has also entered into derivatives trading with a annual turnover of Rs.15 lakhs and a profit of Rs.4 lakhs (i.e. more then 8%). Will he have to audit the books of his derivatives trading business as well. He has not maintained books of his derivatives trading business. Can he opt for taxation u/s 44AD for his derivatives trading business and sec 44AB(e) for his regular trading business
26 December 2021
Yes, audit the books of his derivatives trading business required as well.
Audit the trading details put it in Excel sheet.
Audit the trading details put it in Excel sheet.
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26 December 2021
Thanks sir. But can he opt for taxation u/s 44AD for his derivatives trading business and sec 44AB(e) for his regular trading business.
26 December 2021
That's not possible. Single option allowed combining all the business.
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