REQUIREMENT FOR AUDITBEFORE FILING ITR FOR FY 2020-2021.
This query is : Resolved
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
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
03 January 2021
Tax audit applicable and books of accounts need to be maintained as you are having taxable income and reporting less profit.
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
You have income above 2.50 lacs so tax audit applicable.
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
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
13 February 2021
Yes, agree with you in view of amendment tax audit not applicable for you. Sorry for the earlier reply.
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