F n o transaction
This query is : Resolved
Rishi K Khandelwal
(Querist)
02 June 2018
plz suggest , if f&O actual Losses 70000/-, absolute value of turnover of F&O i.e summation credit and debit value is 200000, then whether tax audit is required ?, as sale profit is below 8% of turnover. if yes then what will i show purchases and sale in the trading or P&L account.
further if there is no other income or if income is less than the taxable income say <2.50lac, but above situation is also exist then in this case return filing and tax audit is mandatory , if i did not want to c/f the losses ?
further if there is no other income or if income is less than the taxable income say <2.50lac, but above situation is also exist then in this case return filing and tax audit is mandatory , if i did not want to c/f the losses ?
Nikhil Kaushik
(Expert)
07 June 2018
In case the overall income is below the exempted limit, then neither the audit nor return filing is required.
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