hello,
3. undoubtedly there is a requirement to get accounts audited if 8% profit is not shown or to claim a loss in any business by virtue of section 44AD, if your current case i think u have a loss in FNO business hence it will be better to get the accounts audited and claim the loss to be carry forwarded for the coming years.
3. undoubtedly there is a requirement to get accounts audited if 8% profit is not shown or to claim a loss in any business by virtue of section 44AD, if your current case i think u have a loss in FNO business hence it will be better to get the accounts audited and claim the loss to be carry forwarded for the coming years.
Thanks for taking your valuable time to clear the taxation queries of Traderji members.
I'm preparing my ITR4. My only business income is derivative trading in Nifty Index futures.
1. I've used code 0204 - Trading-others in Nature of Business.
2. I've chosen no account case, in PART PL under Item51, and filled in the following.
a Gross receipts 51a 1802630
b Gross profit 51b 101093
c Expenses 51c 12482
d Net profit 51d 88611
Since my net profit 88611 is less than 8% of my turnover, should i change the Net Profit to 144210 in Item51 if i don't prefer to get audited.
3. With Net profit as 88611, In BP Sheet, if i enter 144210 in field 33i, i'm getting a negative income of -55599 in fields 6,10,13 and 32. Do i need to fill anything in BP Sheet for section 44AD?
4. The entire transactions are maintained electronically using an accounting software Directshares. I also seek your advice on the charges for getting a tax audit, if the above scenario warrants the same.
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