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ITR filing

This query is : Resolved 

I have incurred F&O loss of 8 lakhs, for FY 19-20 ,do i need to have audit (if i dont want to carry over the loss)
my turn over is 18 lakh.


No need of tax audit.

When i consulted a CA over telephone, he suggested a tax audit as it is a case of loss (which falls below 6% of turn over). Is there any provision to disclose the loss w/o audit in ITR3 ?
My taxable income is 12-13 lakh.

If you don't want to declare the loss in ITR then no need of audit.
If you declare and carry forward the loss audit is required.

Ok. Then how to show this trading activity in the ITR in such a way that it should not leads to suppression of facts as per rules.

Non declaration of income is suppression of facts.
Declaration of loss is left to the option of assessee as no tax involved.


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