Audit requirement


Manager (Accounts)

Dear Sir

A person having commodity trading and F&O Turnover is 10 Lakh geting losses of Rs. 32000/- any one tell me audit is requred 

 
Reply   
 
Coaching and Practice in Tax Audit Law.

Audit is required when turnover crosses 1Cr.

 
Reply   
 
BUSINESS DEVELOPMENT MANAGER

As per section 44AB Tax audit is required if the total turnover of business exceeds Rs. 1 Crore or gross receipts from profession exceeds Rs. 25 .Lakhs.

 As per section 44AB both the business and profession would not be covered under tax audit as it does not exceed the limit.

But there is another clause added to section 44AB that assessee carrying on business claiming income to be lower than 8% has to get his books audited

So losses from F&O trading i.e losses from business is covered under this clause and tax audit would be applicable.

And - " Tax audit for Income below 8% is not applicable for professional Income'. So you cannot club the business losses and professional income and check the 8% applicability. 

 

 

 
Reply   
 

LEAVE A REPLY

Your are not logged in . Please login to post replies

Click here to Login / Register  

 


×

  CCI MENU