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Income Tax Audit u/s. 44AB

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sunil parekh

1 Points Posted on 30 December 2021

Sir,

As a Dental Professional having Professional Loss, F&O Trading Loss & Speculative Loss for F.Y. 2020-2021 which were totally adjusted against the head "Income from Other Source" (IFOS) & "Income from Capital Gain"

After Adjusting all the business losses, Net Income from Pension, Capital Gain & Other Source exceeds the Maximum amount which is not chargeable to tax i.e. 2,50,000/-.

In such case, Tax Audit U/s. 44AB is Applicable or not ?

Please Guide,

Thanks & Regards

Replies (3)

Quick Summary

This discussion explores whether a tax audit under Section 44AB is required for a dental professional who incurred losses from their practice, F&O trading, and speculative transactions. These losses were adjusted against 'Income from Other Sources' and 'Capital Gains'. Despite these adjustments, the net income from pension, capital gains, and other sources exceeded the non-taxable threshold of £2,50,000. The thread seeks guidance on the applicability of the tax audit in this specific scenario.