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)
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Disclosure of losses in the F&O
Replies (6)
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
In your case books of accounts is must. You have to maintain.
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
but maintaining books may be required depending on your turnover and profit
Can't we disclose the turnover and the loss in the tab "Without maintenance of books of accounts"?
(Tab no 64 of P&L)
(Tab no 64 of P&L)
Tab No 64 is for presumptive taxation 44AD /44ADA
Tab no 61 represents Presumptive Taxation
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