Tax Audit in case of F & O LOSS for SALARIED PERSON

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If you're a salaried individual with F&O losses, a tax audit may be necessary depending on your turnover and declared income. While filing ITR-3 and declaring F&O trades as business income can sometimes avoid a formal audit, it's crucial to maintain proper books of accounts. If you don't declare at least 6% of your F&O income, a tax audit might be mandatory.

BHAVESH

BHAVESH (Querist)

27 June 2022 Tax audit applicablity, in case of Salary is above Taxable Limit and F & Loss is 50K and F & O Turnover is 11 Lakh (for 1st time.). Last ITR is ITR-2 and not 44AD.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

28 June 2022 Tax audit not applicable in such a case

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

28 June 2022 If you declare 6% income on F&O trading then no need of audit otherwise books need to get audited.

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

07 July 2022 File ITR 3 declaring F&O trade under Business income, with books of accounts maintained. No tax audit applicable, but loss would be carried forward.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

07 July 2022 Same will be rejected as made in one of my case.

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