Whether Tax Audit is Required ??
This query is : Resolved
11 June 2021
My Client does Trading in Future & Options and the Turnover as per Income Tax Act is below 5 Crore and has Loss of around 1.25 Lacs & also after considering other Income the Total Income does not cross the Maximum amount chargeable to Tax.
So whether Audit is required under Sec 44AB or I can file ITR 3 with normal books of accounts Case
So whether Audit is required under Sec 44AB or I can file ITR 3 with normal books of accounts Case
11 June 2021
The income is below taxable limit, so tax audit not applicable.
File ITR 3.
Turnover should be calculated based on aggregate on favorable and un favourable values.
File ITR 3.
Turnover should be calculated based on aggregate on favorable and un favourable values.
11 June 2021
Turnover Calculated Favourable plus Unfavourable and Premium Received on Sale of Options comes to below 5 Cr
12 June 2021
These payment and receipts are through bank, so no tax audit upto 5 crore turnover.
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