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)
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 Topic
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
- Professional advance taxes
- Surrender pan process
- Tds on deceased's pan
- Exempt income declaration schedule EI in ITR2 (AY2
- Mold cost invoice in GST return
- WhatsApp document sharing: Client sends Aadhaar, P
Related Topics
CAclubindia
