Limited Scrutiny Notice

[princy01]

This is so easy to understand if known, show rule 44 AB of Chartered accountants book by ICAI and you will be good to go

 

[oi trader boi]

This is so easy to understand if known, show rule 44 AB of Chartered accountants book by ICAI and you will be good to go

who understand and follows the rule properly when it comes to Revenue Dept??
No one goes by book

 

[princy01]

If you show them rules they can't touch you, you can grab their collars

 

[DSM]

Oi Trader,

The way I see it :

1. Filing/paying taxes and getting books audited is the cost of doing business.

2. Options are a great instrument to trade in my view if one can exploit in full the advantages it provides. No other instruments with large liquidity can provide the possibility of 100% or even 1,000% return within the day/week while limiting the downside (100% on buying side)

Prince and DSM Ji,
due to this option turnover Kirkiri,I'm sure many small traders willl simply trade either cash market or only futures..a big big NO to Option trading.

 

[princy01]

Ok i am confused, one friend has 5 lacs loss in fno but he also has rental income

His ca says loss will not be carried forward and will be adjusted with rental income, please tell about this situation

Regards

 

[FnOtrader80]

Ok i am confused, one friend has 5 lacs loss in fno but he also has rental income

His ca says loss will not be carried forward and will be adjusted with rental income, please tell about this situation

Regards

Yes FnO losses are considered business loss and can be adjusted against rental income but intra day equity ( speculation loss) can't be adjusted against rental income.

 

[FnOtrader80]

This is so easy to understand if known, show rule 44 AB of Chartered accountants book by ICAI and you will be good to go

In this case if IT officer goes strictly by section 44AB , he can impose penalty of Rs 1.5 Lacs for not maintaining books of accounts and not getting them audited even if he takes turnover as 27 lacs.

 

[princy01]

Yes FnO losses are considered business loss and can be adjusted against rental income but intra day equity ( speculation loss) can't be adjusted against rental income.

Do we have any documentation for this rule please?

Thanks

 

[Smart_trade]

In this case if IT officer goes strictly by section 44AB , he can impose penalty of Rs 1.5 Lacs for not maintaining books of accounts and not getting them audited even if he takes turnover as 27 lacs.

There are cases decided by Income Tax Appelate Tribunal which has accepted turnover as calculated as per ICAI study note.

ST

 

[Smart_trade]

In this case if IT officer goes strictly by section 44AB , he can impose penalty of Rs 1.5 Lacs for not maintaining books of accounts and not getting them audited even if he takes turnover as 27 lacs.

There are cases decided by Income Tax Appelate Tribunal which has accepted turnover as calculated as per ICAI study note.Someone had quoted one such case in our forum either in this thread or some other thread.

ST