03 January 2021
SIR I AM A SENIOR CITIZEN HAVING PENSION INCOME OF RS 3.50 LAKHS. I HAVE DONE SHARE TRADING WITH A TURNOVER OF 85 LAKHS AND A PROIFT OF RS 1.30 LAKHS UNDER SHARES ( BUSINESS INCOME). I HAVE ALOSS OF EARLIER YEAR OF RS 65000/- WHICH WILL BE OFFSET BY THIS YEARS PROFIT. AM I REQUIRED TO HAVE MY ACCOUNTS AUDITED IN SPITE OF THE SHARE TURNOVER BEING ONLY 85 LAKHS. OTHER INCOME EXCEEDS INCOME TAX LIMIT. PLEASE ADVISE. V RAMACHANDRAN. COIMBATORE
13 February 2021
SIR, IN ANOTHER CLARIFICATION YOU HAVE STATED THAT AUDIT FOR SHARE TRADING IS REQUIRED ONLY WHEN THE TURNOVER EXCEEDS 1 CRORE. THE ABOVE CLARIFICATION IS A BIT CONFUSING. MY OTHER INCOME IS NOT TAXABLE AFTER ELIGIBLE DEDUCTIONS AND APPLYING SEC 87 A - (rebate). THE SHARE TRADING TURNOVER FOR FY 202-2021 IS 98 LAKHS. IS AUDIT REQUIRED OR NOT.
13 February 2021
SIR KINDLY ADVISE AFTER PERUSING THE FOLLOWING DATA : I AM A SENIOR CITIZEN OF 69 YEARS AGE. MY INCOME IS NOT TAXABLE AFTER APPLYING REBATE UNDER SECTION SEC 87 A AND DEDUCTIONS AVAILED UNDER 80C, 80TTB,80D AND STANDARD DEDUCTION FOR PENSION . THE SHARE TURNOVER FOR FY 2020-2021` IS LESS THAN 1 CRORE. WITH THESE DATA AS CONSIDERATION I HAVE BEEN REPEATEDLY TOLD I NEED NOT GET THE AUDIT DONE. PLEASE RECONFIRM THE EXACT POSITION. SORRY FOR THE TROUBLE. V RAMACHANDRAN COIMBATORE
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