Tax Audit Limit fno

CA. Sourav Sarkar

Chartered Accountant

24588 Points Posted on 23 May 2021

Loss under Intraday Trading can be claimed if Tax Audit u/s 44AD is performed by a professional Chartered Accountant. The loss can be carried forward and set off against future profits to reduce the income tax liability. Non-Speculative Loss can be carried forward for 8 years

veerendar singh

tax consultant

3306 Points Posted on 23 May 2021

In case of loss in speculation loss or fno business loss the audit becomes mandatory.

there is only one condition which can relieve the tax payer from auditbrequirement- if his total income is below BEL.

CA. Sourav Sarkar

Chartered Accountant

24588 Points Posted on 23 May 2021

Agree

anil jain

Partner

1072 Points Posted on 24 May 2021

can you pl provide with the related provision under which section this is required.

veerendar singh

tax consultant

3306 Points Posted on 25 May 2021

44ab and 44ad

anil jain

Partner

1072 Points Posted on 25 May 2021

but in those sections, no where it is mentioned that in case of loss in FnO/speculation, tax audit is required.

If some one is in different view, please quote the related section.

Thanks

veerendar singh

tax consultant

3306 Points Posted on 25 May 2021

It does not have a specific mention of speculation business.

but cant you make from the general provisions which are applicable for all businesses, which requires audit in case of loss.