11 July 2024
If books of accounts of any assesse is audited u/s 44Ab and also having FNO and intraday transaction then can he opt presumptive scheme for FNO and can show Profit and loss as positive figure by showing turnover and 6% profit by banking channel? If no what is the other option to treat such FNO transaction?
11 July 2024
Tax audit under which sub section of 44AB? Whether any other PGBP activity other than shares transaction? Need to check aggregate turnover.
11 July 2024
If aggregate turnover along with F&O & intraday exceeds 10 Crs. Then tax audit will be mandatory. Even if it doesn't exceed 10 Crs, but need to check the overall cash transactions. If exceeds 5%, then Tax audit will be applicable.
11 July 2024
Whether there is any notification to treat such Fno and speculation transaction as business profession by showing gross Daily profit & loss in banking channel and profit of 6% ?
11 July 2024
No. There is no notification over it. Even the business is not accepted as 'eligible business' by most of the professional. But ITR accepts it, and assesses take its advantage.
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