Urgent.whether it is liable for tax audit
This query is : Resolved
23 February 2016
hi.. i am doing trading in Future and option. please tell me whether i am liable for tax audit and how to calculate turnover.
1) Purchase Script for Rs. 1.25 Crore and Sale for Rs. 1.21 crore. ( Profit. 4 Lacks)
2) Purchase Script for Rs. 1.15 Crore and Sale for Rs. 1.18 crore ( Profit 3 Lacks)
3) Purchase Script for Rs. 1.30 Crore and Sale for Rs. 1.20 crore ( Loss 10 Lacks)
Please tell me Following
1) what is my Total Turnover
2) whether i am liable for Tax Audit
3) How to Set off my Net Loss of Rs. 3 Lacks
4) How to Compute My Income Tax Calculation
1) Purchase Script for Rs. 1.25 Crore and Sale for Rs. 1.21 crore. ( Profit. 4 Lacks)
2) Purchase Script for Rs. 1.15 Crore and Sale for Rs. 1.18 crore ( Profit 3 Lacks)
3) Purchase Script for Rs. 1.30 Crore and Sale for Rs. 1.20 crore ( Loss 10 Lacks)
Please tell me Following
1) what is my Total Turnover
2) whether i am liable for Tax Audit
3) How to Set off my Net Loss of Rs. 3 Lacks
4) How to Compute My Income Tax Calculation
23 February 2016
1. Turnover ( to check 44AB applicability alone) is 17 lakhs , being the absloute value of profit and loss.
2. No tax audit required in view of (1) above.
3. Set off is possible as per section 72(1).
4. Compute as per chapter IV of the Income tax Act,1961.
2. No tax audit required in view of (1) above.
3. Set off is possible as per section 72(1).
4. Compute as per chapter IV of the Income tax Act,1961.
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