V
Vinod
I am a freelancer and currently file my taxes using ITR-4 under the presumptive taxation scheme (Section 44ADA). I maintain basic records such as income, expenses, and invoices, and my income has so far remained below the ₹50 lakh threshold.
I have a query regarding tax audit under Section 44AB:
If my income exceeds ₹50 lakh in the next financial year(25-26), making a tax audit mandatory under Section 44AB, will the audit be limited to this particular financial year only, or will the auditor also review records from previous financial years?
I would appreciate your guidance on this matter.
M
Meena Subba
S
Sheikh
Hi,
I need to withdraw cash of around 50L for a property purchase and would like to know how to do it without getting into any trouble. I am considering splitting it into 25L per FY and withdrawing it from 3 different banks that I have an account in. Will this help avoid the reporting by banks since the amount withdrawn at each bank will be less than 10L in each FY?
Thanks
R
Rahul Gaikwad
I had a net negative income for the FY 2023-24 and, therefore, did not file an income tax return for that year. My trading activity during FY 2023-24 included a short-term profit of ₹38,773.9, a long-term loss of ₹5,609.4 in equities, and a realized loss of ₹47,036.75 in options trading, with an options turnover of ₹6,34,243.25. I did not have any other source of income during the year. Since I traded in options but did not file an income tax return, could this lead to any issues or trouble for me?
R
Rahul Gaikwad
I had a net negative income for the FY 2023-24 and, therefore, did not file an income tax return for that year. My trading activity during FY 2023-24 included a short-term profit of ₹38,773.9, a long-term loss of ₹5,609.4 in equities, and a realized loss of ₹47,036.75 in options trading, with an options turnover of ₹6,34,243.25. I did not have any other source of income during the year. Since I traded in options but did not file an income tax return, could this lead to any issues or trouble for me?
