Dear Sir,
please solve the below query :
Total Taxable income of Mr. A for F.Y 2017-18
Turnover from F&O=4,80,925
Salary chargeable under the head Salary= 3,95,174
Other Income - Nil
Non- Speculative Loss (F&O) = (2,11,996)
---------------------------
Total Taxable Income -3,95,174
Loss to be C/f =(2,11,296)
In the given case , Tax Audit will becomes compulsory ?
Thanks in Advance .
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Tax Audit in Case of F&O
Replies (1)
As per section 44 AB,if profit is less than 8% then regardless of the fact that transaction is less than specified limit,tax Audit will be required.
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