How to declare speculation loss without tax audit??

Sumit Shukla

378 Points Posted on 04 January 2021

You don't require to do Taxaudit if total income is less than Basic exemption

ayusmita

Tax consultant

5895 Points Posted on 04 January 2021

No need of audit if there is loss
file itr 3
show it under business head
net purchase minus net sell minus netExpenses
equal to net loss or profit

Krishna Chaudhary

Accountant

4533 Points Posted on 04 January 2021

Show normal loss

Niraj jain

4 Points Posted on 04 January 2021

For showing net loss we have to maintain book of account and show balance sheet??
can we show loss without showing balance sheet and books of accounts??

Smit Shah

524 Points Posted on 04 January 2021

If you can prove it than it is ok

ayusmita

Tax consultant

5895 Points Posted on 04 January 2021

If you want you can
but it is not necessary for financial statement in case of non audit

Kapadia Pravin

17264 Points Posted on 08 January 2021

Here in present case, it is mandatory to maintain books of account under 44AA

ayusmita

Tax consultant

5895 Points Posted on 08 January 2021

But in his case he does not need to maintain as per 45AA for that year it's depends upon him
to maintain or not
sec 44 AA not applicable to him

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How to declare speculation loss without tax audit??

Niraj jain

Sumit Shukla

ayusmita

Krishna Chaudhary

Niraj jain

Smit Shah

ayusmita

Kapadia Pravin

ayusmita

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How to declare speculation loss without tax audit??

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