I have been doing share trading, both intraday and delivery since 2004 and have got my accounts tax audited till last year. Since I have incurred business losses due to trading, I have carried forward losses of about Rs.3lacs. I have curtailed my share trading severely and my turnover during F/Y 2009-10 may be only around Rs30 lacs ,both intraday and delivery. Is it necessary to get my accounts tax audited for F/Y 2009-10 ? Is there any compulsion to undergo tax audit if one has to get the benefit of tax credits against carried forward loss at a future date eventhough the current turnover may not entail tax audit?
Thanks
Nagarajan
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Need for tax audit
Replies (4)
No, you have to file your return on or before due date to carry forward losses
Regards
Ashish Sharma
No need of tax Audit if the limit is less than the prescibed limit for Tax Audit. Just file the return by the due date of return filing.
no
Well its a case of share trading only and not F&O...
so for share trading, in intraday you have to consider net profit or loss and for delivery based trading check the total receipts... IF it exceeds 40 lacs than you ahve to proceed with tax audit....
But yes this year you have to compulsory show it is business income as it was done last year. Now you cannot change it to capital gain...
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