I have a loss in future & option trading of 13 lakh on turnover of 30 lakh in this case tax applicable?
and even I have other in come of professional fees which I show under section 44ADA.
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Future and option loss 13lakh on turnover of 30 lakh Tax audit applicable?
Replies (4)
Unless he has opted out of presumptive assessment in any preceding five years, tax audit is not mandatory.
Tax audit is not mandatory if you haven't chosen 44AD or 44ADA in the past. Also, you can carry forward these losses without audit, but you need to fill your balance sheet and trading account. If you need any help, then please check out your inbox.
Ok sir thanks you
Most welcome.
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