28 September 2021
Assessee has profit from F & O Business Rs.1.96 L on turnover of Rs.31L which is more than 6% Against this loss from his Photography business of Rs.2.88 L is set off. In this business there is no income only expenses are incurred. the net business loss is Rs.92,000/- Income from other sources is Rs.1.99L and hence business loss is getting adjusted income from other sources Since turnover is Rs.31L Tax audit report is not prepared after validating Return of Income following probable defect is warned - " You have claimed income less than 8% of Gross Turnover and audit information is not filled up, Kindly fill up the audit information since you have claimed income less than 8% of gross turnover"
My question is whether tax audit report is compulsory or is there any other way ?
29 September 2021
You have claimed income less than 8% of Gross Turnover and audit information is not filled up Kindly fill up the audit information since you have claimed income less than 8% of Gross Turnover ABOVE POSSIBLE DEFECT IS SHOWN AFTER VALIDATION WHEN I GO TO VERIFICATION WHAT TO DO ?
CAclubindia
