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REQUEST FOR CLARIFICATION ON WHETHER SHARE TRADING ACCOUNT HAS TO BE AUDITED ??

Statutory Audit 327 views 1 replies

SIRS, I AM A  SENIOR CITIZEN HAVING A TRADING TERMINAL AT HOME. I HAVE UNFORTUNATELY RECEIVED CONFLICTING OPINION ON WHETHER I SHOULD GET MY SHARE TRADING ACCOUNTS AUDITED BY A CHARTERED ACCOUNTANT BEFORE FILING RETURN FOR CURRENT FY 2019-2020.  I HAVE STOPPED THE SHARE TRADING BUSINESS WEF 30TH NOVEMBER 2019 AND THE DATA OF TURNOVER FROM 1-4-2019 TO 30-11-2019 IS SUMMARISED BELOW:

KINDLY CLARIFY IF I HAVE TO HAVE MY ACCOUNTS AUDITED OR NOT.:

DELIVERY  PURCHASES:  41.47 LAKHS

DELIVERY SALES:              41.69 LAKHS.

 

SHORT TERM CAPITAL GAIN:  22000/-

 

SPECULATIVE PURCHASES(INTRADAY)    76.06 LAKHS.

 

SPECULATIVE SALES   (INTRADAY)            76.57 LAKHS

 

SPECULATIVE INCOME:                                     51000/-.

 

ITR 3 HAS BEEN FILED FOR FY 2018-2019 AND CARRY FORWARD BUSINESS LOSS OF 1.5 LAKHS IS THERE. THE PROFIT OF 73000/- FOR FY 2019-2020 - HAS TO BE SET OFF AGAINST THE CARRY FORWARD LOSS OF THE PREVIOUS YEAR.  

MY TOTAL INCOME INCLUDING OTEHR SOURCES WILL BE BELOW THE EXEMPTION LIMIT OF RS 5 LAKH FOR SENNIOR CITIZENS.

IN THE LIGHT OF THE ABOVE DATA PLEASE CLARIFY WHETHER I CAN FILE THE ITR 3 RETURN ( BUSINESS INCOME) OFFSET THE SHARE INCOME AGAINST THE CARRY FORWARD LOSS OF PREVIOUS YEAR  WITHOUT AUDIT OF MY ACCOUNTS. 

FURTHER CAN I FILE ITR 2 FROM NEXT YEAR IF I AM A INVESTOR ( NOT TRADER)

SHARE TRADING HAS BEEN STOPPED SINCE 30TH NOVEMBER 2019 .

REGARDS

V RAMACHANDRAN

COIMBATORE 

 

Replies (1)
SIRS, I AM A  SENIOR CITIZEN HAVING .......

SHORT TERM CAPITAL GAIN:  22000/-  .....

 
SPECULATIVE SALES   (INTRADAY)            76.57 LAKHS

SPECULATIVE INCOME:                                     51000/-. ..........

ITR 3 HAS BEEN FILED FOR FY 2018-2019 AND CARRY FORWARD BUSINESS LOSS OF 1.5 LAKHS IS THERE. THE PROFIT OF 73000/- FOR FY 2019-2020 - HAS TO BE SET OFF AGAINST THE CARRY FORWARD LOSS OF THE PREVIOUS YEAR.  

MY TOTAL INCOME INCLUDING OTHER SOURCES WILL BE BELOW THE EXEMPTION LIMIT OF RS 5 LAKH FOR SENIOR CITIZENS.

IN THE LIGHT OF THE ABOVE DATA .........
 

 

When you are confused about the basic exemption limit...... naturally, you will get contradictory reply.....

Clarify whether you are Just Senior Citizen or Very Senior Citizen?

If just senior citizen.... your aggregate income for FY 2019-20; under all the heads of income would be below 3 lakhs?

If yes, no tax audit mandatory....


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