08 January 2022
Requesting for your clarification regarding tax Audit applicabilty on intra day trading losses". My question is that: Is Tax audit mandatory when we suffer Intra day trading losses and Total income ( excluding losses from trading ) exceed basic exemption limit i.e. 2,50,000 but total turnover i.e. Profit + Losses from trading is below Rs 1crore ?
10 January 2022
Thanks Sir ! I appreciate your quick response.
Request for your help in below case as well : What if we got Penality order u/s 271B for not getting books of account audited considering the abovementioned case only .( Not opted for 44AD as well in last year ) Where we have just filed ITR-1 to show salary income ( exceeding 2,50,000) and not shown intra day trading losses in ITR ( filed wrong ITR) and hence not carry forward those trading losses too . Is that Penality order justified ?
CAclubindia
