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Audit is require or not?
MY QUES IS- MY NORMAL BUSINESS TURNOVER AS PER 44AD IS 56 LAKH AND MY F&O BUSINESS TURNOVER IS 76 LAKH. PLEASE ANY ONE ADVISE ME IN THIS CASE AUDIT IS REQUIRED OR NOT?
Replies (1)
F&O transaction is treated as (normal) nonspeculative transactions.........
In your case both the business incomes are clubbed for TO liability u/s. 44AB
If you declare both income u/s. 44AD.(AY 2017-18)............. No tax audit
Otherwise YES.
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