case (a) Turnover above 1 cr and having loss but income frok other heads less than 2.50 lacs. Opting for ITR 3 to c/f loss.
case (b) Turnover less than 1 cr , having loss but income from other head exceeds income tax exemption limits. Opting for ITR 3 to c/f loss.
case (c)
case (c) same as (a) but turnover less than 1 cr.
Thanks in advance.
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Tax audit applicability in f&o trading
Replies (6)
Tax audit applicable in case (a) & (b)....... but not in (c) ..
Thankyou Dhirajlal ji Rambhia sir.
In case of (c) where no tax audit applicable as you said ,assesee did option trading.
sum of fav plus unfav differrence (should I take gross or net ? ) anyways, is less than 1 cr.
but if I add squared up value then it exceeds 1 cr. No option writing . Only BTST.
Now whether tax audit applicable ? if still not then whether books of A/c need to be maintained and B/sheet to be filed as turnover exceeds 25 lacs.
Assesee is filing ITR 3 loss return.
Other income less than 2.5 lacs.
What is the right business code to select?
Broker also provide turnover report where traded value is above 2 cr. Does this figure has any relevance ? It is actually Total Buy +Total Sales.
Best Regards,
In case of (c) where no tax audit applicable as you said ,assesee did option trading.
sum of fav plus unfav differrence (should I take gross or net ? ) anyways, is less than 1 cr.
but if I add squared up value then it exceeds 1 cr. No option writing . Only BTST.
Now whether tax audit applicable ? if still not then whether books of A/c need to be maintained and B/sheet to be filed as turnover exceeds 25 lacs.
Assesee is filing ITR 3 loss return.
Other income less than 2.5 lacs.
What is the right business code to select?
Broker also provide turnover report where traded value is above 2 cr. Does this figure has any relevance ? It is actually Total Buy +Total Sales.
Best Regards,
in all criteria, tax audit is mandatory
hi Rama krishnan ji
why tax audit is mandatory in case of situation (c) ?
why tax audit is mandatory in case of situation (c) ?
What provisions will apply if a person who is eligible for the presumptive taxation scheme of section 44AD declares his income at a lower rate (i.e. less than 8%/6%)?|whether tax audit is mandatory if i m earning income below 6% of gross reciepts / 8% of of gross reciepts or total turnover?| Is their any mandatory force where my turnover say 60 lac and my NP comes below 8 or 6% as the case me to get audited?
A person can declare income at lower rate (i.e., less than 8%/6%), however, if he does so, and his income exceeds the maximum amount which is not chargeable to tax, then he is required to maintain the books of account as per the provisions of section 44AA and has to get his accounts audited as per section 44AB.
A person can declare income at lower rate (i.e., less than 8%/6%), however, if he does so, and his income exceeds the maximum amount which is not chargeable to tax, then he is required to maintain the books of account as per the provisions of section 44AA and has to get his accounts audited as per section 44AB.
In situation (C )assessee income from other heads is less than 2 .50 lacs . On the other hand , loss from f&o trading is large amount.
Can he take advantage of this exemption limit of 2.50 lacs and skip tax audit while opting for ITR3.
Regarding turnover sum of favourable plus unfavourable difference is less than 1 cr. but if squared of value is added then its exceed 1 cr.
Can he take advantage of this exemption limit of 2.50 lacs and skip tax audit while opting for ITR3.
Regarding turnover sum of favourable plus unfavourable difference is less than 1 cr. but if squared of value is added then its exceed 1 cr.
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