Regarding audit incase of loss in fno and intraday

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Jai shree Narayan (Querist)
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15 June 2023 Incase of loss in fno and intraday whether it is compulsory to go for audit if turnover is around 20lakhs to 22 lakhs???

Dhirajlal Rambhia online

Dhirajlal Rambhia online

(Expert)
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15 June 2023 No, unless opted out of presumptive assessment u/s. 44AD in any of the preceding five years.

Jai shree Narayan

Jai shree Narayan (Querist)
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15 June 2023 I have another buisness which i declared under 44ad with above 8%profit from last few years and this year also i will declare it above 8%. But i started intraday and fno in financial year 2022-23. My total income is above 2.5lakh.

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Dhirajlal Rambhia online

Dhirajlal Rambhia online

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15 June 2023 What is the total/aggregate turnover of all these businesses?

Jai shree Narayan

Jai shree Narayan (Querist)
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16 June 2023 Around 28lakhs sir , 1)is it requires to maintain books of accounts for intraday and fno??
2) is it requires to go for audit??

Dhirajlal Rambhia online

Dhirajlal Rambhia online

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16 June 2023 1. No if all the businesses including intraday & F&O are declared under presumptive assessment; otherwise YES.
2. No audit u/s. 44AB mandatory, but maintenance of books of accounts mandatory.

Jai shree Narayan

Jai shree Narayan (Querist)
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16 June 2023 I am declaring fno and intraday under regular buisness and another buisness under 44ad. Than what will be the case of books of accounts and audit???

Dhirajlal Rambhia online

Dhirajlal Rambhia online

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16 June 2023 Your aggregate turnover being less than 1 Cr. No tax audit applicable.

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Jai shree Narayan

Jai shree Narayan (Querist)
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16 June 2023 K thanks sir for your precious advise

Dhirajlal Rambhia online

Dhirajlal Rambhia online

(Expert)
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16 June 2023 My pleasure.