Showing more profits in FnO trading to avoid audit
This query is : Resolved
10 March 2021
I made loss in FnO trading and the turnover is around 40 Lacs. Since profit is less than 6% of turnover, i think the audit is required, But i don't want to carry forward the losses to avoid tax audit as i don't know the process and charges for it. In this case, is it ok if i file my trading profit as more than 6% of turnover and pay the applicable tax on that? Will the ITDep still mark my return for scrutiny even though i pay the tax for shown profit? Please help?
CA R SEETHARAMAN
(Expert)
11 March 2021
In such a case your return will not be takenup for scrutiny don't worry.
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