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Itr query

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Abhishek5g

Abhishek5g (CA) (167 Points)
Replied 17 August 2018

if turnover is less than 1 crore then no tax audit is required..


rama krishnan

rama krishnan (12234 Points)
Replied 17 August 2018

if her total turnover is very huge then definitely her derivative transactions will be reflected in AIR. if she incurred 2.5 lacs loss in derivative, then what's the source for her investments to do derivative transactions.

Abhishek5g

Abhishek5g (CA) (167 Points)
Replied 18 August 2018

turnover for this purpose means the amount of profit as well as loss on each derivative contracts..so prepare a chart and calculate whether 1 crore limit is hit or not

ROHIT KUMAR

ROHIT KUMAR (AEE(p)) (245 Points)
Replied 18 August 2018

she used her personal saving whihc she got from her son and  her husabnd and the tax on that income has already been paid. 



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