Income from other sources query

Hi,

Last financial year, I recived 41000 as refund amount from bajaj finserv as part of my claim for my LED TV which was covered by their extended warranty.

They took my TV in exchange of the refund as It was not possible for them to get it repaired from OEM. Will this amount be taxable? I read somewhere that if you sell your household goods then the amount that you receive is tax exempted. My TV stopped working, I raised claim, got refund and deposited TV to insurer.

Is this case similar?

Also I had speculative business loss(stock trading) of around 1 lac. Is it mandatory to file audited ITR even though I don't want to offset my loss against income from other sources? 

 

Thanks

Vaibhav

Replies (3)

1. TV being personal effect, the insurance claim not taxable.

2. Here there are divergent views after recent amendment.

If the business income was filed u/s. 44AD in any previous year......... Tax audit u/s. 44AB is mandatory.

But otherwise if your turnover is below 1 Cr. and filing under normal assessment with P&L acc and BS....... audit u/s 44AB not mandatory.......

But I heard if turnover is less than 1 cr and profit less than 8% then audited itr is mandatory. In my case there is no profit but loss. Please advise.

That was true till  AY 2016-17, but after amendment as per finance act 2016...... effective from AY 2017-18, the condition is applicable only if you opted out from sec. 44AD but had opted it in earlier year.

Second condition is If your aggregate income doesn't exceed BEL, no need for tax audit.

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