if assessee has salary income + Intraday Equity Loss + F&O Loss in this case prepared ITR-3 Considering F&O as Business but there is loss (i.e. Profit less than 8% of Turnover) F&O turnover is 6,00,000
there is error on IT Portal while uploading ITR-3 that there is possible error of Applicability of Audit u/s. 44AB/44AD(E).
Kindly suggest whether Audit is Compulsory?
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ITR QUERY - AUDIT REQUIREMENT
Replies (9)
Quick Summary
Dear kenil
yes audit is required in case of intraday loss and fno loss.
you can contact me at sthayin @ gmail for audit related services
yes audit is required in case of intraday loss and fno loss.
you can contact me at sthayin @ gmail for audit related services
Thanks CA DHRUVA KALAMANJI for the reply.
but if I show 6% profit of F&O Turnover under Presumptive scheme after this do I need to get Audited?
but if I show 6% profit of F&O Turnover under Presumptive scheme after this do I need to get Audited?
No need of audit.
but you can not carry forward the loss.
so instead you get the audit done and carry the loss, which you can adjust in future against profit
but you can not carry forward the loss.
so instead you get the audit done and carry the loss, which you can adjust in future against profit
Unless you had opted for presumptive assessment u/s. 44AD, in any preceding 5 years, in your case audit is not mandatory. Though the utility may prompt for audit but as per act it is not necessary.
Thanks Mr. Dhirajlal for your response.
yes, i hadn't opted for 44AD
if i will upload the ITR without audit then do i need to pay any penalty or tax & what will be the worst case
yes, i hadn't opted for 44AD
if i will upload the ITR without audit then do i need to pay any penalty or tax & what will be the worst case
No worst or bad case, you can file it without any fear.
The 6/8% minimum profit u/s. 44AD was amended in the act.
As on today when you have not opted for sec. 44AD in earlier 5 years, you are not required to file tax audit report when turnover is below 1 Cr & profit margin be anything, let there be loss; and let your taxable income be more than basic exemption limit.
Thank you so much Mr. Dhirajlal Rambhia for easy & understandable answer.
Thanks a Lot.
Thanks a Lot.
Most Welcome...
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