My client is a salaried person having income of Rs.31,00,000 apporx
He has done F&O trading for the first time and has a turnover of Rs.65,00,000 with a loss of Rs.9,00,000 and wants to carry forward it.
Additional Disclosure:
1. He has always filed ITR-1/ITR-2
2. Never opted for presumptive taxes before (Also he does not intend to opt for it)
3. Never maintained books of accounts before
Now there is a lot of confusion on forums because I have seen different opinions.
MY QUESTION IS:
1. Is Tax Audit Applicable for him ?
2. Is books of accounts mandatory ?
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Tax Audit Applicability for F&O Loss
Replies (3)
Tsx audit not applicable as turniver less than 10crores. I assume all transactions through bank.
However maintenace of books applicable . That should be simple enough.
Yes all transactions are online since its F&O in my case.
Thank you for confirming
Hello sir, my FNO loss is about 9 lakhs and turnover providd by broker in PnL statement is around 35 lakhs. I have no salary income. Will tax audit be applicable? I am asking because when I was submitting my ITR3 Yesterday at time of final submission it said yiu are liable to audit since turnover exceeds 75 lakhs. But I conrinyed and submitted the form thinking tgat my turnover is below 1 crore. Will there be any notice in this case. I opted for maintain of books but NO in do case of Audit. Is it ok.
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