Applicability of Audit incase of Salary and F&O Loss

ITR 326 views 8 replies

G RAKESH

Article Assistant

78 Points Joined August 2012

Hi,

One of Client Gross salary for the FY 20-21 is RS. 833000/- and Net Taxable Income except FnO is Rs. 442000/- after all Sec 80C Deductions, FnO Loss is Rs. 674000/-, ( FnO Turnover of Rs. 94 Lakhs ).

So when i am trying file in ITR-3 form it is showing as validation error as "Tax Payer Claimed Loss under the head of PGBP/No account case(Part B)of P&L, however he has not filed the Part A-BS and Part A-P&L and has not got the Books of accounts audited"

Part A- BS and Part-A of P&L also Filled.

But in the FY 19-20, we have filed in same manner as Loss of Rs. 14 L in F&O and with Gross salary as Rs. 6.5 Lakhs,

But this time showing this error. or is it a Technical Glitch ??

Please Help.

Replies (8)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208750 Points Joined July 2016

Whether the return filed last year has been processed? If not, you may get defective notice for same.

Well, this year it will not get through. You need to get accounts audited.

CA. Umesh kumar

ca.umesh11@gmail.com

1465 Points Joined October 2007

Audit required, as you declare profit less than 8/6 percent

MANISH DAMANI

Commodity Trader

60 Points Joined February 2010

No audit required as turnover below 1 crore. Same issue I am facing while filing itr3. And salary income cannot be adjusted with fno loss. Audit only required if fno turnover crossed 1 crore and cash recreipt or payment is 5℅ more. What was happening with you is technical glitch. You are not alone we are on same boat.

MANISH DAMANI

Commodity Trader

60 Points Joined February 2010

Originally posted by : MANISH DAMANI
	No audit required as turnover below 1 crore. Same issue I am facing while filing itr3. And salary income cannot be adjusted with fno loss. Audit only required if fno turnover crossed 1 crore and cash receipt or payment is 5℅ more. What was happening with you is technical glitch. You are not alone we are on same boat.