WebApr 8, 2024 · Tax Audit in the case for Futures & Options (F&O) is applicable in the below two scenarios:-. 1.The turnover is more than Rs. 10 crores (audit applicability increased from Rs.5 crores to Rs.10 crores in Budget 2024). The threshold of Rs.10 crores is applicable for F&O as 95% of the transactions are through digital mode. WebAug 25, 2024 · IT rules treat income from F&O trading as business income and mandates tax audit for turnover above ₹ 10 crore if at least 95% of the total payments made on trades are done through digital modes.
Applicability of Tax Audit in India - Tax Audit - TaxQ&A by Quicko ...
WebJul 27, 2013 · 27 July 2013 yes. audit is compulsory if the profit is less than 8%. 27 July 2013 The answer given above by me is reconsidered and hence may be read as given below. Since the income of the partnership firm is -ve, the second condition of section 44AD (5) is not satisfied, hence 44AB audit is NOT MANDATORY. WebJan 7, 2024 · Due date of tax audit report: Due date for furnishing of ITR. Company: 2024-23: 30-09-2024: 31-10-2024: Any other person who is obliged to furnish the tax audit report: … puck breaking cat news
How to Show F&O Loss in ITR - Which ITR you Should File, ITR 3 or …
WebNov 20, 2024 · Please let me know whether tax audit u/s. 44AB read with section 44AD is applicable for A.Y. 2024-22, for claiming loss from futures & options (derivatives) … WebIf any taxpayer who is required to get the tax audit done but fails to do so, the least of the following may be levied as a penalty: 0.5% of the total sales, turnover or gross receipts. Rs … WebJun 7, 2024 · With regard to SA 240 which list the auditor’s responsibility related to a fraudulent financial statement, reference to Satyam Computer which came to light in 2008 … puck brand whipping cream keto friendly