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?
2 Replies
Sivaramaraju G
(Learner)
(2398 Points)
Replied 22 December 2020
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.
hari sarda
(student)
(77 Points)
Replied 23 December 2020
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
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