Anand Sanga (Accounts Executive) (92 Points)
07 June 2023Confusion on Tax Audit.
Tax Audit for F&O Loss less than 1 Lakh and Turnover is less than 1 Crore.
Could anybody guide on this.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160663 Points)
Replied 07 June 2023
No tax audit mandatory provided not opted out from sec. 44AD declaration in any preceding FIVE years.
Anand Sanga
(Accounts Executive)
(92 Points)
Replied 08 June 2023
Salary Income - 15 Lakhs
F&O Loss - 0.60 Lakhs
F&O Turnover is less than 1 Crore
Then, is it mandatory for Tax Audit
CAclubindia
