Hi All,
One of My client having only salary income has made loss in F&O segment of around 5 lacs with turnover not crossing permissible audit limits. Is he liable for audit u/s 44AD as his profit margin is less than 8%.
Hi All,
One of My client having only salary income has made loss in F&O segment of around 5 lacs with turnover not crossing permissible audit limits. Is he liable for audit u/s 44AD as his profit margin is less than 8%.
yes. tax audit shall be applicable in this case, if he has other incomes exceeding Rs 2 lakhs
Incase of F & O trading the T/o for Tax Audit will be calculated by taking togather the Total of Profit & Loss (both) made during the year where this Gross Total exceeds the Tax Audit Limit specified under 44AB
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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CAclubindia
