Manoj Punjabi (Accountant) (274 Points)
27 December 2021Sir
Some one please guide me for Audit for options trading.
Q1) Is audit compulsory?
Q2) Can I show loss and c/f in Income Tax returns without audit.
Please guide.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177801 Points)
Replied 28 December 2021
Depends upon any declaration of the business income under sec. 44AD in preceding year/s.
Otherwise no audit.
Manoj Punjabi
(Accountant)
(274 Points)
Replied 28 December 2021
Thank you Mr. Dhirajlal Rambhia for prompt reply.
in my case, no declaration of business under sec 44AD in preceding years, never ever, does it mean that no Audit is necessary & I can show loss in Income tax returns & c/f it without Audit, and file returns like normal returns before 31-12-2012.
Awaiting reply.
Manoj Punjabi
(Accountant)
(274 Points)
Replied 28 December 2021
Date error, correct date is *31-12-2021
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