Dear Seniors, I have posted a loss of around 19 lakhs in F&O. The total turnover being around 47 lakhs(Net profit = 14 lakhs + Net loss = 33 lakhs). I have filled tax returns without tax audit report and I have put in E-FILING of ITR-4 as (no tax audit reqd based on sec 44-AB) and did e-filing of tax returns and got the acknowledgement receipt from Bangalore. Later I found from various sources that tax audit is a must for turnover more than 40 lakhs and I contacted an auditor and he told me that he can give a tax audit report by September. Should I re-file the tax returns with tax audit required as Y in the ITR-4 and with part-A BP and A-PL being filled. I have submitted those details as no account case in ITR-4. Also I have reported an excess loss of 13000 by mistake in the ITR-4 submitted. Please let me know if re-filing is mandatory or that 13000 can be adjusted with this year income and if re-filing is mandatory what is the last date for re-filing of losses with tax audit.
CAclubindia
