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CA.S.KARTHIKEYAN

CA.S.KARTHIKEYAN (Querist)
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02 August 2011 whether Online trading of Derivatives cover under sec 44 AD .. If It is cover under Sec 44 AD means what is the receipts for the business .. If he had earned loss for Rs. 400000/- means he will liable for 44AB tax audit of non full filling of 8 % ....

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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03 August 2011
TURNOVER:
First confirm the turnover by adding profits and losses whether the total of these without considering +, - sign is 60.00lac.

If it is 60.00 lac you have to get your accounts audited.

If you get your accounts audited you will be eligible to c/fd the losses in case the return is pending.

He is not liable if turnover is less than 60 lacs and having a loss.

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CA.S.KARTHIKEYAN

CA.S.KARTHIKEYAN (Querist)
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04 August 2011 sir , if +,- sign is not more than 60.lacs means .. he got loss of Rs.400000/- then in filing income tax return according sec 44 AD 8 % is not came so its liable to 44 AB case .. how shall i file return which ITR Is applicable for him

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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04 August 2011 File in ITR 4, as ITR 4S may not accept the results. Audit is not required as the total income is not going to be taxable.

You will not be able to c/fd this loss to the next year.

However, against the same year's income set off is permitted except against salary income.

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Iqbal Singh Grover

Iqbal Singh Grover (Expert)
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17 March 2012 In a case where there is a loss from FnO business ( and the turnover is less than 60Lacs) ..
But otherwise, the total income is taxable..

Either we pay 8% on the turnover.. or else get the accounts audited...

Can we file the audited return today i.e. in March 2012 for the AY 2011-12..?