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Audit applicability for carry forward of F&O losses

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3 Points Posted on 21 October 2021

If X is salaried employee and Salary exceeds basic exemption.

He has F&O turnover of 77L but has a loss of 150000 and wants to carry forward the same.

New portal doesn't allow for negative figure in No Accounts case .

Is tax Audit mandatory to carry forward losses from F &O though Turnover doesn't exceed 1 cr ?

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On 21 October 2021 at 18:43 Report
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QUALIFIED CA. CS FINALIST
139 Points Posted on 21 October 2021
Yes. pls refer article in Zerodha site. however, if there is a scope for directly filing ITR 3 without audit. one of my frnd filed ITR 3 directly and claimed loss. have to see whether there will be any complication in future.
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On 21 October 2021 at 19:28
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3 Points Posted on 21 October 2021
Could you tell me is it possible to file with negative figure ( losses) in new IT portal?
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On 21 October 2021 at 19:33
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QUALIFIED CA. CS FINALIST
139 Points Posted on 21 October 2021
Yes. but not in ITR 4 you can use ITR 3
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On 21 October 2021 at 19:35
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790 Points Posted on 22 October 2021
Since X wants to claim the loss of 150000, Tax audit will be applicable as profit is shown less than 6% of turnover. If you want to not do tax audit, you will need to forego the loss as well.
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On 22 October 2021 at 00:52


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