Salary income and fno losses/tax audit
This query is : Resolved
17 July 2019
I am an Government Employee and have salary of Rs. 10 lacs pa.
I have FNO losses of Rs. 7 lacs for FY 2018-19.
Request you to please guide me which ITR form I have to file.
Is TAX AUDIT is mandatory in my case.
I have FNO losses of Rs. 7 lacs for FY 2018-19.
Request you to please guide me which ITR form I have to file.
Is TAX AUDIT is mandatory in my case.
17 July 2019
Form ITR -3. Tax audit applicability depends on the absolute value of gain and loss of F and O transactions.
17 July 2019
The absolute value of gain and loss of F and O transactions is Rs. 20 lacs (turnover) on which I have a loss of Rs. 7 lacs.
Is Tax audit is applicable in may case?
Read more at: https://www.caclubindia.com/experts/details.asp?group_id=2750099
Is Tax audit is applicable in may case?
Read more at: https://www.caclubindia.com/experts/details.asp?group_id=2750099
17 July 2019
Tax audit applicable to you as you are declaring less than 8%/6% profit on turnover and having taxable income.
17 July 2019
Sir, my turnover is less than 1 crores and there is no profit in FnO. only loss of Rs. 7 lacs. than how TAX Audit is applicable?
17 July 2019
Tax audit also applicable in less than 1 crore turnover and declaring less than 8% profit and having taxable income.
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