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
Menu
F & O loss
Replies (5)
Calculate turnover and declare 8% as profit to avoid audit .
If you want carry forward the loss then you have to go for Audit
If you want carry forward the loss then you have to go for Audit
What is your turnover from F&O
Turnover 249414
Audit is not required at all, simple return can be filed. Leaving the details in your inbox.
No need to get audit
Recent Topic
- ITR3 online utility: Part B TTI is populating fiel
- Sale of rural agriculture land
- How to show Capital Gain on gifted property
- TIS Glitch Alert : inflated summary
- IT returns of partners
- Challan status in Payment Failed but amount deduct
- Sec 54 exemption
- Query regarding retirement benefits
- TDS Payment and filing
- Capital gains exemption under sec 54
Related Topics
CAclubindia
