Loss from shares
Vaishali B Palande (senior acountant) (223 Points)
27 August 2018
In case of speculation loss is it mandatory to do tax audit????
Vaishali B Palande (senior acountant) (223 Points)
27 August 2018
Sanket
(!..Live to Give..!)
(16427 Points)
Replied 27 August 2018
An audit is required if you have a business income and if your business turnover is more than Rs 2 crores (was Rs 1 crore until FY 16/17) for the given financial year. Audit is also required as per section 44AD in cases where turnover is less than Rs.2 Crores but profits are lesser than 8% of the turnover and total income is above minimum exemption limit.
In case of Loss is speculative since profit (Loss in this case) is less than 8% of the turnover, therefore Tax Audit will be applicable u/s 44AB read with section 44AD.
Gaurav Palta
(484 Points)
Replied 27 August 2018
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