Audit on f&o loss

This query is : Resolved

ashok (Querist)
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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)
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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)
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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)
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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)
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28 July 2014 nikkhil sir thanks for reply.

sir my salary income is 460000

Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 July 2014 then audit is compulsory.

ashok

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

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Nikhil Kaushik

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