F & o and salaried income

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JYOTIRANJAN TRIPATHY (Querist)
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11 August 2015 F&O account - Total Debit -22 Lacs
Total Credit- 13.5 Lacs
Total Loss FY14-15 is 9 lacs in f&O trading

Do i required to audit my account?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 August 2015 Not required for audit as turnover is below the audit limit.

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JYOTIRANJAN TRIPATHY

JYOTIRANJAN TRIPATHY (Querist)
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11 August 2015 I have a loss of 9 lacs. Taxmantra suggesting for tax audit. They are telling if your loss is -8% you need a tax audit.

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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11 August 2015 whats your salary? that is the relevant amount here to decide whether audit is applicable or not

JYOTIRANJAN TRIPATHY

JYOTIRANJAN TRIPATHY (Querist)
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11 August 2015 Gross- 16.5 Lacs
Taxable- 11 lacs

Nikhil Kaushik

Nikhil Kaushik (Expert)
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11 August 2015 then audit should apply as conditions for audit under 44ab(d) are satisfied.

JYOTIRANJAN TRIPATHY

JYOTIRANJAN TRIPATHY (Querist)
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11 August 2015 My gross turnover is not >1Cr nor my total income >25 lacs. Why audit is required.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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11 August 2015 read section 44AD.........and 44ab clause d

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 August 2015 I agree with the above reply.

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F & o and salaried income

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