Audit
This query is : Resolved
06 July 2015
During Previous year i.e. f.y.2014-15, I had made loss in intraday trading of shares and loss in future & option. My salary income for the said year is Rs.300000.00 and loss due to trading in shares and f&o Rs.5000.00 and Short Term Gain from shares is Rs.1000.00. So please inform me whether Audit of my books of account is compulsory or not?
06 July 2015
what is the F&O and intra-day turnover in your case....
06 July 2015
then you should get the audit done to be safe
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06 July 2015
kindly note it is assumed that there is no chpater VI deduction available here.
06 July 2015
If i do not want to carry forward loss then also audit is compulsory?
06 July 2015
audit is compulsory if your income from business is less than 8% of turnover and your overall income is above basic exempted limit which is in your case.
06 July 2015
and what is a loss? isnt it nothing but negative business income?
06 July 2015
and if you dont want to carry forward the loss, then file the return after the due date under section 139(1). it has no relation to what ITR form you have to use and with applicability of audit.
06 July 2015
ok thanks I understand that audit is compulsory in my case. if i want to carry over loss then i can carry over the same by filling return before due date
06 July 2015
yes......................
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