There is a loss of Rs 50000 in business of derivatives. As per Guidance Note on Tax Audit Turover of derivatives is total of favourable and unfavourable differences. In this light if favourable differences are Rs 100000 and unfavourable differences are Rs 150000 and net of Differences is -Rs 50000(Loss in derivative business) . The assesseee is required to go for Tax audit as his income is less than 6%/8% as required u/s 44AD. Now while feeding in ITR-3 we have to fill all income and expenditure in Part A-P&L of ITR-3 . What figure should be mentioned and in which column of Part A-P&L of ITR-3 ? And further what turnover should be mentioned in Clause 40 of Form 3CD ?
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Derivative sales in pl of itr &3cd
Replies (4)
ur turnover is 250000, file itr using 44ad after showing just 8 or 6 precent profit and avoid audit
Sir,
Kindly advise as the situation is such that the assessee wishes to carry forward the loss.
With Regards
Amit
In this case, the assessee will have to get his books of accounts audited u/s 44AB(e)
Sir
That is true. But the issue is :
There is a loss of Rs 50000 in business of derivatives.Favourable differences are Rs 100000 and unfavourable differences are Rs 150000 and net of Differences is -Rs 50000(Loss in derivative business) . Now while feeding in ITR-3 we have to fill all income and expenditure in Part A-P&L of ITR-3 . What figure should be mentioned and in which column of Part A-P&L of ITR-3 ? And further what turnover should be mentioned in Clause 40 of Form 3CD ?
With Regrds
Amit
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