banner_ad

Disclosure of losses in the F&O

Others 275 views 6 replies
User Avatar

51 Points Posted on 07 March 2021

An Client Incurring Losses in the F&O, Turnover does not exceeds the threshold Audit Limit neither the client maintains his books of accounts...
Q. Is Tax Audit mandatory for the disclosure of losses? (Clients does not intends to carry forward the losses)

0 Reply Share Follow
On 07 March 2021 at 09:35 Report
Replies (6)
User Avatar

Chartered Accountant
24588 Points Posted on 07 March 2021
If turnover is not exceeding threshold limit then tax audit is not required but he should set off such losses from business income as loss from f&o is business loss as it is derivative transactions
1 Reply
On 07 March 2021 at 11:50
User Avatar

17264 Points Posted on 07 March 2021
In your case books of accounts is must. You have to maintain.
1 Reply
On 07 March 2021 at 12:03
User Avatar

Student CA IPC / IPCC
89 Points Posted on 09 March 2021
No audit is not mandatory for carrying forward loss.. (assuming not case of presumptive taxation )
but maintaining books may be required depending on your turnover and profit
1 Reply
On 09 March 2021 at 17:12
User Avatar

51 Points Posted on 09 March 2021
Can't we disclose the turnover and the loss in the tab "Without maintenance of books of accounts"?
(Tab no 64 of P&L)
Reply
On 09 March 2021 at 17:19
User Avatar

17264 Points Posted on 09 March 2021

Tab No 64 is for presumptive taxation 44AD /44ADA

1 Reply
On 09 March 2021 at 17:43
User Avatar

51 Points Posted on 09 March 2021
Tab no 61 represents Presumptive Taxation
Reply
On 09 March 2021 at 17:55


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details