sole proprietor having 2 business one business of manufacturing and other of f&o from manufacturing profit as per 44AD Rs 210000 & loss from f&o 392000 my question is whether tax audit is applicable or not
and whether I should consolidated profit and loss of mfg & F&O. showing net loss of 182000
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Replies (3)
No you can not consolidate both the business manufacturing business profit would go in 44 AD and in the f&o business if intraday is done then it would go into the speculation business head were there is no need of tax audit
No intraday transaction
Agree with Mihir
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