• 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 7 months ago in Income Tax

Please contact at aroravivek1982@gmail

Vivek Kumar Arora
CA, Delhi
4556 Answers
681 Consultations

5.0 on 5.0

Yes Indeed audit is required.

 

Chirag Maru
CA, Raipur
210 Answers

5.0 on 5.0

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

Hunny Badlani
CA, Madhya Pradesh
2602 Answers
16 Consultations

5.0 on 5.0

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. 

 

 

 

Puja Sharma
CA, Jaipur
63 Answers

Not rated

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

Naman Maloo
CA, Jaipur
4108 Answers
76 Consultations

5.0 on 5.0

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.

Lakshita Bhandari
CA, Mumbai
5664 Answers
839 Consultations

5.0 on 5.0

Dear Sir,

 

Hope you are doing well !!

 

Yes, audit is mandatory for the same.

Payal Chhajed
CA, Mumbai
5179 Answers
254 Consultations

5.0 on 5.0

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