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Income tax audit
Good day - Can you please tell me Client(individual) having 2.2 cr turnover from IT business and 52 lakhs loss in F&O share trading. Need Audit in FY 21-22 ? Thank you
Asked 2 years ago in Income Tax
Yes Indeed audit is required.
Hello,
Greetings of the day!
Yes, Tax audit would be required.
I hope this answer satisfies your requirements. For a detailed resolution of your query, you can contact us directly at badlaniassociates at Gmail or take a phone consultation.
Regards,
CA Hunny Badlani
Badlani & Associates
As mentioned above your turnover from IT business is Rs. 2.2 Crore which might fall under the definition of profession given in Section 44ADA so an Audit is compulsory in your case.
For a more detailed discussion, you can book a phone consultation.
What is the profit that you will show in Income tax return?
Have you opted for 44AD in previous year?
How much is cash receipt and cash payment of total receipt and payment?
I need answers to above questions to consult you better.
Hope you find the information helpful, if yes do rate if 5 and provide your valuable feedback for my improvement.
Thank you
Yes, If it's a IT consulting/software development work, it's more likely fall within the profession and not business. Accordingly, audit is mandatory.
Dear Sir,
Hope you are doing well !!
Yes, audit is mandatory for the same.
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