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Tax audit in case of loss from Future and option business

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Chartered Accountant
158 Points Joined March 2010
Plz suggest...an individual has business loss from F&O in first year but turnover is below Rs 1 crore, he has salary income too...total income is more than Rs 250,000 ...so will he liable for tax audit?
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On 26 December 2021 at 20:37 Report
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Self Employeed
169 Points Joined June 2015
F&O turnover calculation is the addition of negative and positive figure indicating profit or loss on that basis decide his income
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On 26 December 2021 at 21:05
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Financial Consultant
252 Points Joined October 2013

Dear Ms. Shivani,

As per Sec-44AD(5), assessee "whose total income exceeds the maximum amount which is not chargeable to income-tax" can file ITR under section 44AD.

In ur case tax audit is not applicable

 

Thanks & Regards

Durgesh Vashisth

durgeshvashisth @ gmail.com

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On 27 December 2021 at 01:10
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Chartered Accountant
158 Points Joined March 2010
Sir..plz read my question again...I'm my case itr 3 will be filed bcoz there's loss but my question is regarding audit..whether tax audit will b applicable...loss ochre in first year of business?
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On 27 December 2021 at 15:20
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Self Employeed
169 Points Joined June 2015
No not applicable as TO is within specified limit
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On 29 December 2021 at 12:14
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student
164 Points Joined February 2012
In case of non salaried filing itr 4
if we have loss of 50000 in f&o and turnover is less than 1 crore, is ir compulsory to show loss and is there any requirement of tax audit in this case.?
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On 01 April 2024 at 13:41

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