Hello All,
I done trading in both equity and F & O. The turnover from both is less than 1 cr but I have incurred overall loss.
Is tax audit required or can I file return without tax audit?
Menu
Loss in Trading, Tax audit
Replies (2)
Quick Summary
Yes you can file, there is a provision in sec 44AD that if income is less than 6% of turnover then you have to get books audited even your turnover is less than 1cr but income should be more than 2,50,000 then only audit requires but here in your case you are suffering losses so audit is not required. go with normal return.
No, in case of f&o turnover is decided based on both purcahse and sale.
I'm case with prescribed method if your case falls under tax audit then it's mandatory.
feel free to contact harisarda01 @ gmail.com
I'm case with prescribed method if your case falls under tax audit then it's mandatory.
feel free to contact harisarda01 @ gmail.com
Recent Topics :
- How Do CA Firms Manage Client Document Collection
- How do CA firms manage pending client documents du
- How to find a good CA
- Rcm on rent paid
- Clarify on GST Application
- Residential status for overseas students visitin
- Capital Gains Tax
- LTCG 112A and business loss
- FAST-DS 2026 applicability: foreign employee share
- NRI Property Sale in India: TDS Rates and Key Comp
Related Topics :
CAclubindia
