I made Loss in fno but turnover is more than 1 crore, is audit necessary?

Page no : 2

CA Rashmi Gandhi (Chartered Accountant) (86303 Points)
Replied 13 June 2022

Yes, now you got it correct.

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Eswar Reddy S (CFO- at NHTF) (58259 Points)
Replied 13 June 2022

Take professional services from CAs if required and close it

CA Rashmi Gandhi (Chartered Accountant) (86303 Points)
Replied 13 June 2022

👍👍👍

Pramod Sasidharan (article) (41 Points)
Replied 15 June 2022

May I know if you opted for Presumptive scheme while filing tax returns in any of the previous 5 years?

Eswar Reddy S (CFO- at NHTF) (58259 Points)
Replied 15 June 2022

Can you elaborate it. Feel like incomplete

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CA Rashmi Gandhi (Chartered Accountant) (86303 Points)
Replied 15 June 2022

Assessee is salaried, so no audit has been conducted as per my view.

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Pramod Sasidharan (article) (41 Points)
Replied 15 June 2022

Since all FNO transactions are digital( non-cash) the turnover limit is 5 crores and not 1 crore for tax audit. If presumptive basis wasn’t claimed in any of the previous 5 years, you need not opt for presumptive basis this year and still need not get the accounts audited..

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anu (miss) (45 Points)
Replied 15 June 2022

I have never opted for Presumptive scheme and never have got audited again.
I did fno trading for the first time.

anu (miss) (45 Points)
Replied 15 June 2022

Complete brief of the question ---

My CTC is 5 lac and earlier i used to fill ITR as salaried only .
This year my fno intraday trading turnover went to 1.4 cr. and i made a loss of 1 lac gross (70 k loss , 30 k brokerage). All the transactions were done digitally at the broker , Can you please suggest how should i fill ITR ideally .

I have never shown presumptive profit and have never got audited ealier.

CAs suggested two options-

1. if i go for presumptive profits - i will have to declare 6% profit and then my tax liability will be around 1 lac or more, since i haven't done any investments.

2. I get my account audited and then they can show loss in my books and then this fno loss can be carried forward .
Although, i have no plans to carry forward loss since i will stop fno completely .

but then also as per the suggested options , i feel getting audited is more beneficial . If you have any other solution please guide

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