Section 44AD

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 May 2011 Can anybody clarify applicability of Section 44AD in case where individual has traded in futures and options segment and made a profit of 80 thousand on a turnover of 20 lacs and if suppose he has made loss than does he have to compulsorily get tax audit done to carry forward losses.

Thanks in advance

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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23 May 2011 IF THE PROFIT IS SHOWN LESSER THAN 160000 (iN THE GIVEN CASE)OR LOSS IS SHOWN THAN TAX FOR A.Y. 2011-12 THEN TAX AUDIT IS NECESSARY

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