Maintaining books of account & audit for a case

Hi,

 

For the following case, is maintaining books of account and/or audit required. The person has income from F&O + Intraday trading, Salary, Interest, LTCG, STCG.

From F&O & Intraday as per brokerage statement, 

Turnover - Nearly 10 Lacs

Profit - Nearly 2 Lacs

Salary & other heads - Around 15 Lac.

ITR 3 is being filled with F&O /Intraday income shown as business income.

My thinking is that account book maintenance is not required as per Sec 44 AA as business income/profit is less than limits specified for individual tax payer.

Audit is also not required as profit is more than 8% of TO.

Income under other heads is not relevant for this case.

Can you pls validate this?

Will it be fine if we mark account books not maintained in form 3 and fill minimal information in Form 3 or all details of Balance Sheet and P&L will have to be filled?

Regards

Abhishek

Replies (4)

Yes Correct, and suggested to file ITR4 .... to avoid sec.139(9) query...

Thanks for the response.

What kind of query we can receive u/s 139(9) in this case while filing ITR3? Can IT dept ask for detailed breakdown of Turnover/Income or something else?

Regards

Abhishek

Defective return for P&L acc & BS details....

OK, why is that so if taxpayer meets the criteria for not maintaining the books of accounts? 

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