30 July 2022
Dear All, Assessee has intra day turn over 6819 and loss therein is Rs. 6/- minor loss only one transaction was done.
Whereas Professional Income exceed basis exemption limit...
I'm confused turnover is below 1 CR but speculative loss is Rs. 6/- total income exceed basis exemption limit... What to do of audit..... Pls suggest, how to show this speculative loss of Rs. 6/- without Audit also without further litigation.
30 July 2022
If turnover of the speculative business is 6819, and has loss, you can neglect it in ITR filing. File ITR for professional income. Still if you wish to declare the single transaction in ITR, declare it u/s. 44AD of IT act, with 6% profit margin.
30 July 2022
Even if you have loss, but section gives you option to declare 6% profit on 6819/- i.e. 409/- & pay tax over it. Or if you had not opted for sec. 44AD in any earlier 5 years, you can file ITR 3 with books of accounts maintained and book loss, it will be carried forward, at the same time tax audit will not be applicable.
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