Question ID :
40381
079710
Mr. A has earned Salary income Rs. 28.00 lacs and also deals in Future & Option where turnover is approx. 50 Lacs and Loss approx. 4.00 lacs whether Mr. A is require to Tax Audit as the Profit is less than 8% or we can file ITR without Audit pl. suggest
Posted by
SANDEEP KAPOOR
on
Sep 06, 2019
Filed Under
DIRECT TAXES
Hi Sandeep,
I assume that Mr A has not filed the return under section 44AD in AY 2017-18 and AY 2018-19. In such a scenario, Mr A is not required to carry out tax audit as the turnover is less than 1 crore. He can file ITR without audit. Kindly refer section 44AB (a), 44AB (e) read with 44AD (4).
Posted by
ASHWIN RAO VARANASHI on
Sep 09, 2019