Tax Audit Applicability - Case

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This discussion clarifies tax audit applicability for a salaried individual who also trades in derivatives and equity. Despite having a loss in derivatives and short-term capital gains, the individual is not liable for a tax audit as it's their first year of filing their Income Tax Return (ITR) and they haven't opted for presumptive taxation in previous years.

Vineet Kumar

Vineet Kumar (Querist)

22 March 2023 Hello Sir/Mam,

I am a salaried employee. I have also traded in Delivery and Options. Below is my financial situation:

Taxable Salary: 6,00,00
STCG in Equity: 5,000
Turnover in derviatives: 2,70,000
P&L in derivative: -75,000

If i want to carry forward my losses, am i applicable for a tax audit by a CA?

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

23 March 2023 No. Not applicable unless you had audited your books for discontinuation of presumptive assessment u/s. 44AD in any preceding five years.

Message likes : 1 times

Vineet Kumar

Vineet Kumar (Querist)

23 March 2023 No sir, this is my first year of filing ITR. Thanks for answering.

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

23 March 2023 In that case no tax audit liability. Good Luck..

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