Hi,
For the following case, is maintaining books of account and/or audit required. The person has income from F&O + Intraday trading, Salary, Interest, LTCG, STCG.
From F&O & Intraday as per brokerage statement,
Turnover - Nearly 10 Lacs
Profit - Nearly 2 Lacs
Salary & other heads - Around 15 Lac.
ITR 3 is being filled with F&O /Intraday income shown as business income.
My thinking is that account book maintenance is not required as per Sec 44 AA as business income/profit is less than limits specified for individual tax payer.
Audit is also not required as profit is more than 8% of TO.
Income under other heads is not relevant for this case.
Can you pls validate this?
Will it be fine if we mark account books not maintained in form 3 and fill minimal information in Form 3 or all details of Balance Sheet and P&L will have to be filled?
Regards
Abhishek
CAclubindia
