Comment on Tax loss harvesting

Jahan commented on 17 Dec 2017, 03:07 PM

Hi Nithin,

I have two basic questions,
1. Suppose my turnover is 10k and realised profit is 1k which is 10% of turnover. In this case, as turnover is less than 1 cr. and profit is greater than 8% I don’t required an audit.
Now in continuation to that, suppose if I do tax loss harvest by booking loss of 1k by selling 30k worth of my equities. In this case, my total turnover is 40k and profit is 0%, Do I need an audit?
2. Suppose I book net loss with turnover of 40k do I need an audit?

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