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F & O loss

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41 Points Posted on 19 July 2022
If person incurred loss in F & O. Error appear you have claimed income less than 8 % turnover and audit information is not filled.

His trading is just 350000 and incurred loss 249415.

Is tax audit applicable?

Salary income 200000
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On 19 July 2022 at 00:46 Report
Replies (5)
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CFO
1347 Points Posted on 19 July 2022
Calculate turnover and declare 8% as profit to avoid audit .

If you want carry forward the loss then you have to go for Audit
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On 19 July 2022 at 07:06
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Chartered Accountant
86505 Points Posted on 19 July 2022
What is your turnover from F&O
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On 19 July 2022 at 07:35
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41 Points Posted on 19 July 2022
Turnover 249414
1 Reply
On 19 July 2022 at 07:56
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CA
10436 Points Posted on 19 July 2022
Audit is not required at all, simple return can be filed. Leaving the details in your inbox.
1 Reply
On 19 July 2022 at 09:41
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Chartered Accountant
86505 Points Posted on 19 July 2022
No need to get audit
1 Reply
On 19 July 2022 at 19:26


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