Salary income and fno losses/tax audit


(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.


B.Chackrapani Warrier (Expert)
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

CA R SEETHARAMAN (Expert)


Click to Talk 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)


Click to Talk 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



Similar Resolved Queries :






×
close
CA Learning
Online GST Class    |    x