This year total profit from f&o trading exceeds tax exemption limit .(Turnover below 1 cr)
But after adjusting last year f&o loss total income is below 2.5 lacs
Whether tax audit applicable?
2) Last year ITR was filed .No tax audit done as total income below 2.5 lacs and turnover below 1 cr.
Will there be any issue in set off of b/f losses ?
I did not use 6 % presumptive scheme till now.
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Tax audit and b/f f&o losses
Replies (5)
What is exact turnover with percentage of profit earned in (this) year?
80 lacs and 11 % in 1 case
90 lacs 5 % in 2nd case
when we check this 2. 5 lacs total income limit for sec 44 AD applicability is it after deducting or before deducting b/f losses ?
90 lacs 5 % in 2nd case
when we check this 2. 5 lacs total income limit for sec 44 AD applicability is it after deducting or before deducting b/f losses ?
Are these figures for 2 different assessees or for different years?
Total income is arrived at after adjustments of b/f losses.
two different assesses
1. Tax audit not mandatory as overall profit margin above 6%.
2. If profit declared 6% or more; or total income below basic exemption limit after loss adjustment then no tax liability .
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