Section 44AD & Derivative Income
This query is : Resolved
20 June 2011
An individual is having derivative loss of Rs. 1 lac. His total turnover is Rs. 3 Lac.
(1) Is Trading in derivative is covered under 44AD ?
(2) If yes than is he required to audit account ?
Please reply
Thanks in advance
KIYOSH
(1) Is Trading in derivative is covered under 44AD ?
(2) If yes than is he required to audit account ?
Please reply
Thanks in advance
KIYOSH
21 June 2011
YES IT IS COVERED
NO AUDIT IS REQD IF THE TOTAL INCOME DOES NOT EXC4EED 160000
CA MANOJ GUPTA
JODHPUR
09828510543
NO AUDIT IS REQD IF THE TOTAL INCOME DOES NOT EXC4EED 160000
CA MANOJ GUPTA
JODHPUR
09828510543
21 June 2011
MR. MANOJ GUPTAJI
INCOME IS ABOVE 1,60,000 THAN WHAT ?
AUDIT IS REQUIRE
KIYOSH
INCOME IS ABOVE 1,60,000 THAN WHAT ?
AUDIT IS REQUIRE
KIYOSH
21 June 2011
yes if profit is declared below 8 per cent of gross receipts
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