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Salary Income and 16 lakhs f&o loss audit required?
assessee has salary income of Rs 450000 and incurred loss of Rs. 16 lakhs in f&o during FY 2022-23. f&o turnover 43 lakhs. Does assessee require to get audited??
Replies (5)
Quick Summary
No, Audit not required.
No need for audit as mentioned by RAJA sir abive
Salary income of Rs.4.lacs and incurred loss of Rs.16 lacs in f&o
Bassuuu,
Your st.... reply already in query...
Your st.... reply already in query...
Salary Rs 4.5 lakh and F&O loss Rs 16 lakh:
• The F&O loss can't be set off against salary (Sec 71(2A)), but can be set off against other heads such as house property, other sources or capital gains in the same year.
• The unabsorbed loss is carried forward 8 years, to be set off against business income only.
• Tax on salary is computed normally. File ITR-3 by the due date to carry forward the loss.
• Audit: not needed if turnover (absolute profits and losses) is below Rs 10 crore, unless under the 44AD(4) lock-in.
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