Amol (NA) (36 Points)
29 July 2018Is CA audit compulsory, If I am salaried with trading (Future and Options) FNO loss? Turnover less than 1 crore [to be specific 35 lac]. I am filing ITR3 (FY 2017-18/AY 2018-19).
Which "sheet/tab/Schedule" from the Java/Excel utility to add FNO loss?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(183276 Points)
Replied 29 July 2018
If your salary is above 2.50L (ie. above BEL)..... tax audit over the F&O business mandatory.
Details to be declared under P&L acc....
Amol
(NA)
(36 Points)
Replied 29 July 2018
Thanks Sir for the reply
... Meanwhile I was also searching on this forum and found below case:
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salary 4 lakh bank interest 30 k lic 10 k f&o turnover less than 25 lacs loss in f&o reporting as per broking company statement. Here income exceed tax exemption limit due to salary (and salary is always tds deducted)
Link:- https://www.caclubindia.com/forum/tax-audit-in-this-case--474387.asp
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And in reply it is said not mandatory...
My case is similar except my F&O turnover is little more than this case.
I'll appreciate your valuable inputs in my decision.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(183276 Points)
Replied 29 July 2018
Under section 44AA there is limit........ as upto 25 lakhs of turnover or income upto 2.50 lakhs books are not required to be maintained........
As such both the cases differ...
One more difference..... till last AY the limit was just 10 lakhs....... The amendement is effective from .... 1.4.2018....
Amol
(NA)
(36 Points)
Replied 29 July 2018
As this concludes that it needs to be audited....
To get this audited by CA, what would be audit charges? I understand that it's difficult to answer but still some range will help me.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(183276 Points)
Replied 29 July 2018
Such audits are not heavily charged...... contact any local CA...... or post a query in expert's section.....
Good Luck.....
Amol
(NA)
(36 Points)
Replied 30 July 2018
Thank you sir. It was quick and very helpful. I'll ask this in expert's section.
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 30 July 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(183276 Points)
Replied 30 July 2018
Good Morning Dear.......
He wants paid service for audits of his F&O (business) transactions......
So, I directed him to experts.... who can get some fees for such services...........
Mainly, here everything is free.......
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 30 July 2018
Amol
(NA)
(36 Points)
Replied 27 August 2018
In ITR 3, Do I need to select Yes for below question?
Are you liable to maintain accounts as per section 44AA?
--------------------------------------------------
AUDIT INFORMATION
(a) Are you liable to maintain accounts as per section 44AA?
(b) Are you liable for audit under section 44AB?
(c) If (b) is Yes, whether the accounts have been audited by an accountant?
S3 AADHAAR
(2 Points)
Replied 28 August 2018
Hi
I Have the Same Query for my and my wife account
Income for Salary above 5 Lacs
Income from STCG : 1.5 Lacs, Turover is Less than 1 cr
Income from Intraday : 1 Lacs, Turnover is 2 lacs
I had done only one trade in Options of Sale Amount of 17 Thousand and loss of Rs 800
Which ITR needs to file and Is Audit is required ?
My Wife Accounts
Income for Salary above 5 Lacs
Income from STCG : 1 Lacs, Turover is 92 Lacs
Income from Intraday : Loss of 9 Lacs Turnover is 15 lacs
Income from Options is Loss of 3 lacs and Turnover is 13.6 Lacs
Which ITR needs to file and Is Audit is required ?
CAclubindia
