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Is audit required to carry forward f & o transactions loss

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 July 2013 Hi

My turnover of F & O Transactions is below 1 crore during fy 2012-13 & i have incurred loss of 2 lakhs. Will audit of books compulsory for carry forward of loss

Please advice
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
13 August 2013 As per Section 44AD(5) an assessee who claims profit less than 8% and whose income EXCEEDS THE MAXIMUM AMOUNT NOT CHARGEABLE to tax is required to get his accounts audited.

In case of loss, the income DOES NOT exceed the maximum amount not chargeable to tax (Rs. 2,50,000).

Accordingly you are NOT required to get your accounts audited.
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