Tax Return and Tax audit
This query is : Resolved
15 August 2022
I am Naynesh from Ahmedabad.
I am a professional. Since 4 years I have filed my tax returns under section 44ADA. Now in P. Y 2021-2022 , I have incurred Speculative Loss (intraday) approx 20 Lakhs as well as have professional income of 10 Lakhs. Turnover from Speculative business is more then 1 crore(Aggregate of Positive and Negetive difference).
Now my questions are:-
1) Tax Audit mandatory for speculative?Can we look into the 10 crore limit of tax audit?
2) If audit is mandatory then what is the tax treatment of professional incomes in tax audit and tax return.
3) Can I continue my professional incomes under section 44ADA by showing 50 percentage profits.
4) Is there any mandatory requirements of to include professional incomes in my tax audit turnover.
Please all people guide me on this.
I am a professional. Since 4 years I have filed my tax returns under section 44ADA. Now in P. Y 2021-2022 , I have incurred Speculative Loss (intraday) approx 20 Lakhs as well as have professional income of 10 Lakhs. Turnover from Speculative business is more then 1 crore(Aggregate of Positive and Negetive difference).
Now my questions are:-
1) Tax Audit mandatory for speculative?Can we look into the 10 crore limit of tax audit?
2) If audit is mandatory then what is the tax treatment of professional incomes in tax audit and tax return.
3) Can I continue my professional incomes under section 44ADA by showing 50 percentage profits.
4) Is there any mandatory requirements of to include professional incomes in my tax audit turnover.
Please all people guide me on this.
16 August 2022
1. For such speculative transaction tax audit limit is Rs. 10 Crs., provided your total cash flows, inward as well as outward, are below 5% each.
2. Not mandatory till professional receipts are below Rs. 50 Lakhs.
3. Yes, allowed.
4. No. Not mandatory to consider aggregate turnover.
2. Not mandatory till professional receipts are below Rs. 50 Lakhs.
3. Yes, allowed.
4. No. Not mandatory to consider aggregate turnover.
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