Tax return with F&O loss
Gaurav Palta (484 Points)
16 July 2018Gaurav Palta (484 Points)
16 July 2018
Gaurav Palta
(484 Points)
Replied 16 July 2018
rahul chaturvedi
(student)
(32 Points)
Replied 17 July 2018
Gaurav Palta
(484 Points)
Replied 24 August 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(183108 Points)
Replied 24 August 2018
Read Sec. 44AB(e) alongwith sec. 44AD(4) & (5) ......
Gaurav Palta
(484 Points)
Replied 24 August 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(183108 Points)
Replied 24 August 2018
For that check.......
1. Your turnover in F&O for previous year.......
2. Whether sec. 44AD was opted in preceeding years......
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(183108 Points)
Replied 24 August 2018
Though there are divergent views on the interpretation of the section after amendment (as per finance act 2016), and as such clarification is sought by ICAI direct tax committee from CBDT on the issue........ one such view is that for any business who has not opted sec. 44AD in any preceeding year/s, can declare such loss without tax audit... But I do not accept the same, to be on safer side....
Only one point favouring in this case for non applicability of audit is TO being below 10 lakhs....... thereby sec 44AA is not applicable, and as such sec. 44AB ...