Comment on Tax loss harvesting

vinay commented on 22 Jul 2015, 03:52 PM

Hi Nithin,

Please suggest, should I go for Audit by CA . Please find the particulars below.

Total Turn over (EQ+FNO+MCX) = 10,03,897.50
Net Loss excluding brokerage : -34,609.69
Net Loss + Brokerage : 87,928.25

As per below statement which I found in Q application.
‘ If turnover < ₹1 crore and profitability is less than 8% of turnover (Section 44 AB)'
what i understand is, we have get the audit done only if there is any profit. In my case since I am in net loss, audit is not required. Please suggest.

Regards
Vinay

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