siva andhavarapu (ca final) (388 Points)
23 August 2018HAI
IF A PERSON HAS F&O OPERATIONS RESULTS IN LOSS AND ALSO VERY FEW TRANSACTIONS HE DID.THEN WHAT IS THE TAXABILITY AND ALSO WHETHER TAX AUDIT IS APPLICABLE FOR THAT PERSON ?-(BOOKS MAINTAINED)
*SOME CA'S GAVE AN OPINION THAT TAX IS APPLICABLE.
URGENT
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177736 Points)
Replied 23 August 2018
1. Asessed under head 'PGBP'; its non-speculative nature.
2. Loss can be set off with other heads of income, except 'salary'
3. If total income exceed BEL, tax audit applicable.
4. If turnover is not high, better to declare 6% profit margin, to avoid tax audit.
siva andhavarapu
(ca final)
(388 Points)
Replied 23 August 2018
SIR TQ FOR REPLY,
ALREADY HE DID A MISTAKE BY FILING ITR3 BY SELECTING NO TAX AUDIT OPTION.NOW CAN HE REVISE A RETURN AND CAN FILE ITR4?.AND ALSO PLS TELL FOR 6% CALICULATION HOW THE TURNOVER TO BE CALICULATED?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177736 Points)
Replied 23 August 2018
1. Non-speculative transactions (Futures and options)
More over check the broker's consolidated statement for turnover amount.
2. Yes, you can revise with 6% of the turnover as presumptive income u/s. 44AD.
Akhil Suresh
(81 Points)
Replied 23 August 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177736 Points)
Replied 23 August 2018
Favourable means where assessee gained, and unfavourable means wherein he made loss, in any contract.
siva andhavarapu
(ca final)
(388 Points)
Replied 23 August 2018
TQ VERY MUCH SIR.
I UNDERSTOOD CLEARLY
CAclubindia
