LOSS FROM F& O

This query is : Resolved

Ranjit Shitole (Querist)
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28 July 2023 If Assessee has loss from F&O in FY 22-23 which is first year of his loss and in previous Financial years he opt for 44AD for his other business(Milk Production) is tax audit u/s 44AB required or he continue to opt for 44AD for milk business and show loss on F&O and set off against Milk Business.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 July 2023 Tax audit u/s 44AB required.
All business to be combined for 44AD.

Ranjit Shitole

Ranjit Shitole (Querist)
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28 July 2023 Can I have a option not to claim loss and set off

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 July 2023 Yes you can do so no problem.

Ranjit Shitole

Ranjit Shitole (Querist)
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28 July 2023 but in that case audit compulsory or not

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 July 2023 Opt for 44AD audit not applicable.

Ranjit Shitole

Ranjit Shitole (Querist)
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29 July 2023 If there's loss in f&o and total income does not exceed Rs 250000 can we carry forward loss from f&o without tax audit

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 July 2023 Business and F and O has to be combined and still there is loss it can be carried forward with out audit.

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LOSS FROM F& O

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