Audit on f&o loss

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This query is : Resolved

ashok (Querist)

28 July 2014 sir i hv
1 salary income
2 home loan self occupied
3 loss in F&o almost 3 lac and turn over is 40 lac
sir is it necessary to audit my accounts if i do not want to carry forward loss.plz reply as earliest.

thanks

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

28 July 2014 Not required to get accounts audited whether you want to carry forward loss or not. You need to file your return in ITR4.

ashok

ashok (Querist)

28 July 2014 thanks a lot for quick reply.

sir as u said no need to audit but little doubt bcz income/loss in f&o comes under income frm buisness n profession.

in this if profit is less than 8% than any body should audit accounts .

and i hv loss of 3 lac then why audit is not required. plz clarify.

thanks

Nikhil Kaushik

Nikhil Kaushik (Expert)

28 July 2014 Dear Ashok,

If your salary is above Rs 2 lakhs, then audit shall be applicable to your case.

This is so because under 44AD, if your total income is above Rs 2 lakhs and you are offering income at less than 8% on eligible business turnover, audit shall be compulsory.

ashok

ashok (Querist)

28 July 2014 nikkhil sir thanks for reply.

sir my salary income is 460000

Nikhil Kaushik

Nikhil Kaushik (Expert)

28 July 2014 then audit is compulsory.

ashok

ashok (Querist)

28 July 2014 sir is it possible online with u bcz i m living in hanumangarh (rajasthan)

0

Nikhil Kaushik

Nikhil Kaushik (Expert)

28 July 2014 Ashok you can contact me at 9699814106/ ca.nikhilkaushik@gmail.com . it can be done online