Intraday trading loss and tax audit.
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Hi,
I have seen many people are saying that if there is intraday equity loss and profit is less than 6% (digital receipts) of turnover and income exceeds basic exemption limit than tax audit is required… But it is wrong.. It is applicable only for those who have opted for sec 44AD… Others who are filing itr normally and applying sec 44AB for them tax audit is applicable only if turnover exceeds 1 cr.They can carry forward intraday equity loss without tax audit.. Other provisions of sec 44AD are irrelevant for those who are following sec 44AB.
Please share your thoughts.
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If u have opted 44ad, and u have income less than 6/8% & Total income > Min exemption slab, audit is necessary!
So in case of loss, no audit is reqd if T.I. < min exemption slab if i u had opted 44ad!!
Edit: It is only if u have opted for 44ad
https://cacube.in/event/extended-due-date-to-fi...
Hi bro pls check the answer of amit in this link at comment section.
how to calculate the turnover ? for intra traders any body know? any idea ???
any CAs here🙄