Audit require
This query is : Resolved
Quick Summary
Susheel patil
(Querist)
01 March 2020
I have total income only ₹ 1,00,000 (one lakh) from salary head and I have loss from intraday trading ₹ 10,000 (ten thousand) and my trading turnover ₹25,000 (twenty-five thousand) then I have audit is required. I don't want to carry forward my losses?
Shrikant Toshniwal
(Expert)
01 March 2020
No audit under IT
Eswar Reddy S
(Expert)
02 March 2020
It's not your wish to carry forward loss.
You must submit true particularls..
As you know ,if you know intraday trade with 5*times to 20*times of your margin money.AIR will go IT dept.You would receive a notice from IT dept for sure.
Since the intraday loss comes under business category.You must get your accounts audited
31 August 2020
Audit is not mandatory as turnover limit does not exceed.
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