One of my client has loss from intraday so when I am filling his return a warning appears that profit is less than 8 % assessee should go for audit plz suggest me remedy
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(169108 Points)
Replied 16 July 2018
Yes, its 'Eligible Business' as per sec. 44AD.
If aggregate income of assessee (before any deductions) exceed BEL... tax audit mandatory.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(169108 Points)
Replied 16 July 2018
1. 6% minimum profit for Intra Day TurnOver
Or...... 2. Loss to the extent....... that aggregate of all the incomes falls below BEL .....
Or. .....3. Audit of Intraday business.......
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(169108 Points)
Replied 16 July 2018
Income from all other heads..... including 'Salary'......... alongwith adjustment of business loss. as per its eligibility under the act.......if is below 2.50 lakhs, for <60 yrs age or < 3 lakhs for sr. ctzn..... then no need for audit u/s. 44AB.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(169108 Points)
Replied 17 July 2018
Then Audit business transactions u/s. 44AB...
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)