Whether audit is required for carry forward of f&o loss

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 July 2013 Is audit required under Sec 44AB or any other Section of IT Act to carry forward f&o Loss if turnover is less than Rs 1 crore ????

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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14 August 2013 As per Section 44AD(5) an assessee who claims income less than 8% of turnover
AND
whose TOTAL INCOME EXCEEDS the MAXIMUM AMOUNT NOT CHARGEABLE to tax is required to get his accounts audited.

In case of loss, the total income DOES NOT EXCEED the maximum amount not chargeable to tax.

Accordingly audit is NOT required to carry forward loss.

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Whether audit is required for carry forward of f&o loss

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