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Tax audit in case of loss from Future and option business
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?
Replies (5)
F&O turnover calculation is the addition of negative and positive figure indicating profit or loss on that basis decide his income
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
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?
No not applicable as TO is within specified limit
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.?
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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