Regarding tax audit for F&O

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.

 

Replies (1)

Go for Audit. File your revised return. Time is precious. Follow the instructions / suggestions from consulted CA.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 07 October 2026
Article assistant

S.K.Bajpai & Co.

Noida

B.Com

View Details
Company
10 October 2026
Accounts Associate Level 1

Abic and Mani Chartered Accountants

Kottayam

B.Com

View Details
Company
12 October 2026
Chartered Accountant - Internal Audit

HKC | Chartered Accountants & Business Advisors

Ludhiana

CA

View Details
Company
ARTICLESHIP 16 September 2026
Article Assistant

MANUJ SHARMA AND COMPANY

Noida

CA Inter

View Details
Company
18 September 2026
Accounts & Finance Specialist

ULTRA CHEMICAL WORKS

Thane

CA Final

View Details
Company
ARTICLESHIP 18 September 2026
Industrial Trainee

Twenty Point Nine Five Ventures Private Limited

Noida

CA Inter

View Details
Company
ARTICLESHIP 07 October 2026
Article Assistant

Malhotra Rajesh & Associates

New Delhi

B.Com

View Details
Company
ARTICLESHIP 01 October 2026
Articled Assistant

KPSN & Associates LLP

Chennai

CA Inter

View Details