Salary income and fno losses/tax audit
This query is : Resolved
sunil kumar
(Querist)
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.
sunil kumar
(Querist)
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
CA R SEETHARAMAN
(Expert)
17 July 2019
Tax audit applicable to you as you are declaring less than 8%/6% profit on turnover and having taxable income.
sunil kumar
(Querist)
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?
CA R SEETHARAMAN
(Expert)
17 July 2019
Tax audit also applicable in less than 1 crore turnover and declaring less than 8% profit and having taxable income.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Import Order Cancelled.
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- ETDS return q4 25-26
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
