CA Uday Kiran (Chartered Accountant) (653 Points)

11 September 2020  

I have an assessee who is carrying on 2 businesses

1. Photo Development Service - T.O (12 lakhs)

2. Commodity Trading (Futures Intraday, delivery is not there, squared off daily) - T.O (56 Crores)

For 2nd business, he incurred 3 lakhs loss and intend to carry forward this speculative loss, hence tax audit is applicable here - Even sum of absolute figures (Profit/loss) per transaction also more than 1 crore, tax audit is inevitable 

In this case, how to proceed for tax audit. Is it possible to disclose speculative loss and avail presumptive taxation scheme for 1st business or both turnovers needs to be aggregated?

For 2nd business what is the Turnover to be disclosed in ITR - Full sale - 56 crore, sum of absolute figures - 2 Crore?

Plesae guide me in both tax audit and filling of information in ITR perspective also.

Need experts help in proceeding further. Thanks in advance.