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Itr query
if turnover is less than 1 crore then no tax audit is required..
if her total turnover is very huge then definitely her derivative transactions will be reflected in AIR. if she incurred 2.5 lacs loss in derivative, then what's the source for her investments to do derivative transactions.
turnover for this purpose means the amount of profit as well as loss on each derivative contracts..so prepare a chart and calculate whether 1 crore limit is hit or not
she used her personal saving whihc she got from her son and her husabnd and the tax on that income has already been paid.
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