Dear Experts
Client has profit from his professional income being a doctor 6 lakh. Turnover is 10 lakh so profit from profession is more than 50%
He has loss in F&O trading around 2 lakh. F&O turnover is 5 lakh
However, while filing ITR, getting an error that net profit from profession is below 50% and you are liable to tax audit.
as when we file combined P&L in ITR, Net profit is 4 lakh ( 6 profession and 2 F&O loss )
Turnover from Profession 10 lakh and F&O 5.
ITR is considering Profession turnover of 10 lakh and giving a warning for tax audit as profit falls below 50% in P&L account
Kindly guide with your opinions. Whether the tax audit is required ? But respective turnovers are below the applicable limit

For under construction Building cost incurred for ATT Reticulation systems.
whether should be capitalised.

Sir/mam,

I had reversed all ineligible expenses fy 2022-23 taken in GSTR 3B Return as per 2B , Reversed voluntarily in GSTR3B March retrun Now I am having doubt i mentioned in GSTR3B reversed column (2) Others it is correct or not.

Plz clarify my doubt

Thanking you,

Hello ji,

I am a Central Government Servant. Recently I came to know that by becoming an HUF can a person save tax. Pls share that how can I applied for become an HUF.

Hi
Client had a business (F&O) loss in AY 2022-23 and carried forward that loss and had filed under old regime. However in AY 2023-24 he does not have any business income only business (F&O) loss of previous year and salary for this year.
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1. Salary
2. Capital Gain (Shares)
3. F&O loss to be carried forward from last year

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