Tax Aduit Limit u/s 44AB
This query is : Open
21 October 2020
Dear Experts,
An assessee earned Business Loss of Rs. 2.85 Lacs from Speculative & Non-Speculative transactions for FY 2019-20.
His Gross Total Income is Rs. 7 Lacs.
Turnover as per 44AB for Speculative & Non-Speculative - absolute value of profit/loss + premium on sale of options is 9 Lacs.
Queries:
1. Whether tax audit is applicable in its case?
2. If tax audit is applicable the under which section of 44AB?
An assessee earned Business Loss of Rs. 2.85 Lacs from Speculative & Non-Speculative transactions for FY 2019-20.
His Gross Total Income is Rs. 7 Lacs.
Turnover as per 44AB for Speculative & Non-Speculative - absolute value of profit/loss + premium on sale of options is 9 Lacs.
Queries:
1. Whether tax audit is applicable in its case?
2. If tax audit is applicable the under which section of 44AB?
21 October 2020
Tax audit not applicable if 44AD not opted during the previous year.
21 October 2020
There was no business income in previous financial year. The assessee was an NRI and became Resident+ROR for the 1st time in FY 2019-20.
So whether he should be audited under any section of 44AB? Can he file the IT Return without Tax audit and can Cfrwrd his losses of speculation.
So whether he should be audited under any section of 44AB? Can he file the IT Return without Tax audit and can Cfrwrd his losses of speculation.
21 October 2020
Yes, tax audit not required file ITR with carried forward speculative loss.
22 October 2020
Sir, in my case, a CA is issuing an audit report u/s 44AB(e) where provisions of section 44AD(4) are applicable.
Turnover for 44AB is Rs. 15 Lacs and Taxable total income is Rs. 10 Lacs. Business Loss of Rs. 2.5 Lacs as mentioned above.
a. Whether i will have to get my accounts audited in the next 5 AY and also i cannot claim 44AD also in the next 5 AY because of the tax audit in FY 2019-20?
Turnover for 44AB is Rs. 15 Lacs and Taxable total income is Rs. 10 Lacs. Business Loss of Rs. 2.5 Lacs as mentioned above.
a. Whether i will have to get my accounts audited in the next 5 AY and also i cannot claim 44AD also in the next 5 AY because of the tax audit in FY 2019-20?
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