1. IF F&O TURNOVER IS RS.70 LAKH AND PROFIT IS RS.12 LAKH , LIKE OTHER BUSINESS CAN I SHOW PROFIT ABOVE 6% WITHOUT AUDIT APLICABLITY
OR
6% RULE IS NOT APPLICABLE FOR F& O
OR
I SHOW ANY PROFIT LIKE 2 ,3 % WITHOUT AUDIT
2. CAN HUF GIVE LOANS AND GIFTS TO MEMBERS AND OTHER LIMIT ?
CAN HUF TAKE LOANS AND GIFTS FROM MEMBERS AND OTHER LIMIT?
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F & O TURNOVER AND IT QUERIES
Replies (1)
1. 6 % minimum profit declaration is applicable u/s. 44AD, even for F&O
2. HUF can get loans of any amount, but for gifts from others sec. 56 (2) limit applies for its taxability.
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