Hi,
My client transacted in commodities and incurred loss of around 50,000/- . His total income including salary and other sources income is above exemption limit. Is tax audit required for him?
Hi,
My client transacted in commodities and incurred loss of around 50,000/- . His total income including salary and other sources income is above exemption limit. Is tax audit required for him?
Turnover of commodity transaction?
These are not intra-day transactions so I added all sales value. It came out to rs.22639062.
Is it correct? Also, let me know if tax audit is required or not?
My understanding is that these will need to be audited based on your turnover (either turnover crosses the 2 Crore mark or in case the turnover is less than 2 Crore and profits is less than 8% of the total turnover). So in my case turnover is less than 2 crores and since I have losses of 50,000 which is less than 8% of turnover, I need to get the tax audit.
Please guide
| Originally posted by : Dhirajlal Rambhia | ||
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Turnover of commodity transaction? |
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Sir, turnover is around 3 lakhs (total of profit and losses) and losses are around 50,000.
The turnover of 3 lakhs is below the limit as specified u/s. 44AA....... i.e. no books of accounts required to be maintain, as such no audit mandatory, even if the GTI exceed BEL....
Good Luck ....
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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