Poonawalla fincorps
Poonawalla fincorps

Tax Audit for F&O losses

This query is : Resolved 
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(Querist)
30 December 2021 Dear Sir/Madam,

Assessee is proprietor running the business and such business incomes are declared under 44AD and profit is showed more than deemed profit.

Also Assessee has a F&O losses during year to the Tune of Rs.130,000/-

To put it more simple;

Salary Income 23 Lacs
Business income 65 lacs (declared under 44AD) profit shown more than 8%
F&O Loss - Rs 1.30 lacs

Is Tax Audit is compulsory for this case ?

Please advice us

Thank in advance.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
30 December 2021 What is the F&O turnover, calculated as per ICAI guidelines?

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