HELLO
A HOUSE WIFE ( SENIOR CITIZEN -62 YEARS) HAD INCURRED LOSSES OF RS 2.5 LAKH IN DERIVATIVE MARKET. SHE IS NOT HAVING ANY SOURCE OF INCOME . THEN DOES SHE NEED TAX AUDIT??????
THANKS
18 Replies
Piyush Shirodkar
(CA Final Student)
(1358 Points)
Replied 17 August 2018
Tax audit not applicable.
But she will need to file ITR within due date for carrying foward loss for next 4 years.
But she will need to file ITR within due date for carrying foward loss for next 4 years.
ROHIT KUMAR
(AEE(p))
(245 Points)
Replied 17 August 2018
THANK FOR REPLY SIR.
WHAT IF SHE DOES NOT WANT TO CARRY FORWARD THE LOSSES.
THANKS
Piyush Shirodkar
(CA Final Student)
(1358 Points)
Replied 17 August 2018
Is she doesn't want to carry foward loss then no problem.
Nothing will happen.
But incase if she has gain from derivative market in the next 4 years, she will have to pay the entire STCG/LTCG tax liability of 15%/20% flat rate, as set off will not be available.
Nothing will happen.
But incase if she has gain from derivative market in the next 4 years, she will have to pay the entire STCG/LTCG tax liability of 15%/20% flat rate, as set off will not be available.
ROHIT KUMAR
(AEE(p))
(245 Points)
Replied 17 August 2018
THANK YOU SIR. YOUR REPLY IS VALUABLE. KEEP HELPING THE PEOPLE.
YOU ARE HELPING THE PEOPLE LIKE US AND DOING GREAT WORK.
MAY GOD BLESS YOU SIR.
ROHIT KUMAR
(AEE(p))
(245 Points)
Replied 17 August 2018
HELLO SIR,
ONE MORE QUESTION
DO YOU PROVIDE THE SERVICES OF FILING ITR ALSO??
THANKS
Piyush Shirodkar
(CA Final Student)
(1358 Points)
Replied 17 August 2018
Yeah you too do help me whenever I am in need.
ROHIT KUMAR
(AEE(p))
(245 Points)
Replied 17 August 2018
YES SIR SURE
TELL ME AYTIME....I LL TRY MY BEST TO HELP YOU OUT.
THANKS
Abhishek5g
(CA)
(167 Points)
Replied 17 August 2018
i disagree with piyusg sir.. in case of F&O it is treated as normal business as per CBDT circular and tax audit will be applicable in case sale value exceeds 1 crore in a financial year.. profits r irrelevant for determining the applicability of tax audit.. n u will get set off for 8 years not 4 years
ROHIT KUMAR
(AEE(p))
(245 Points)
Replied 17 August 2018
SIR WOULD YOU LIKE TO COMMENT ON ABHISHEK 5G REPLY.????
ROHIT KUMAR
(AEE(p))
(245 Points)
Replied 17 August 2018
ABHISHEK SIR
SHE IS NOT HAVING ANY INCOME.
AS PER IT RULE SHE DOES NOT NEED TO FILE ITR.
THEN WHY TAX AUDIT IS REQUIRED???
THANKS.
Abhishek5g
(CA)
(167 Points)
Replied 17 August 2018
it doesn't matter that she is having nil income.. in normal business also if turnover exceeds 1 crore audit is applicable irrespective of profits.. same is applicable to F&O also..
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