Tax audit in case of F&O trading business

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150 Points Posted on 13 January 2021
Which clause of Sec 44ab is applicable in case of loss from F&O trading?
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On 13 January 2021 at 12:20 Report
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This discussion clarifies the applicability of Section 44AB for F&O trading businesses, particularly in cases of loss. It highlights that the requirement for a tax audit is based on turnover exceeding prescribed limits, not on profit or loss alone. If your turnover surpasses these limits, an audit is mandatory; otherwise, income can be declared under Section 44AD.

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17269 Points Posted on 13 January 2021
44AB has nothing to do with Profit or Loss. 44AB is based on turnover. If turnover goes beyond prescribed limit, tax audit is applicable.
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On 13 January 2021 at 14:32
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Accountant
4533 Points Posted on 16 January 2021
You have to get audited if there is loss otherwise show income under 44AD
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On 16 January 2021 at 19:19

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