Tax audit in case of F&O trading business
Anoushka Paliwal (150 Points)
13 January 2021
Which clause of Sec 44ab is applicable in case of loss from F&O trading?
2 Replies
Kapadia Pravin
(17259 Points)
Replied 13 January 2021
44AB has nothing to do with Profit or Loss. 44AB is based on turnover. If turnover goes beyond prescribed limit, tax audit is applicable.
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 16 January 2021
You have to get audited if there is loss otherwise show income under 44AD
Recent Topics
- NRO Interest - Taxed at source and in Foreign Coun
- Clarity needed on effective date
- Income Tax Refund Deadline Shortened to Five Years
- Rectification Applications for Past GST Demands
- Where can I find a trusted provider to hire a skip
- GST Invoices Series
- FILING OF ITR AY 20-21
- CLAIMING OF U CLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
Related Threads
CAclubindia
