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Tax Audit 44 AB
If an assesee is having loss from derivatives trading,turnover less then 1cr... Further, he is having another service business which has turnover 90 lakhs.. Can we do tax audit u/s 44AB to claim derivatives loss and declare income from service business u/s 44AD.. Kindly assist
Replies (1)
The audit is required where profits are less than 8%or6%of the gross receipts or trunover and the income exceeds maximum amount not chargeable to tax
if this condition full fill then you can audit the 2nd company
if this condition full fill then you can audit the 2nd company
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