03 June 2022
I done trade in only FNO and Loss 80000/ from Turn over only 80 Lacs in FY 2021-22 with all digital transcation and no any other income so when I fille for AY 2022-23 ITR-3 upload, Message shows Your income less then 8 % and you need to Audit I have no any other income. why this message show. As per rules for audit is above turn over 1 crore and total income exced above basic exemption limit then audit is require. so please give proper answer.
04 June 2022
You have to declare minimum 8%/6% of your turnover as income in case of F&O. If you want to declare income less than 8%or 6% as the case may be, then you have to get your accounts audited.
06 June 2022
Taxed at an income starting from Rs. One, therefore the maximum amount not chargeable to tax is nil. In case of loss, since there is no income, therefore it does not exceed the maximum amount not chargeable to tax and so the second condition mandating tax audit under section 44AB read with section 44AD of the IT Act is not satisfied and therefore the assessee is not required to get the accounts audited under section 44AB of IT Act.
CAclubindia
