My Client does Trading in Future & Options and the Turnover as per Income Tax Act is below 5 Crore and has Loss of around 1.25 Lacs & also after considering other Income the Total Income does not cross the Maximum amount chargeable to Tax.
So whether Audit is required under Sec 44AB or I can file ITR 3 with normal books of accounts Case
Audit is not applicable as the as the aseessee has GTI less than the basic exemption limit..you can file ITR -3.
Thanx everyone for the quick response Even i had the same opinion but wanted to be sure before telling the client
CAclubindia
