Tax audit in this case ?

salary 4 lakh
bank interest 30 k
lic 10 k

f&o turnover less than 25 lacs

loss in f&o reporting as per broking company statement.


Here income exceed tax exemption limit due to salary (and salary is always tds deducted)

Never opting for presumtive basis.
Replies (4)

Not mandatory....

 

whether BS and p&l required in ITR 3 because turnover not exceed 25 lacs

or we can just simply fill colum no( d )below B/s and column no 53 below p&l

1. No

2. Yes

This means as no tax audit applicable here my last date is 31st july after that i will not be able to carry forward my loss
should I select NO under Audit information it asked whether regular books of account maintained as u said B/s , p&l not required
But actually bills p&l summary derivative transactions all are available in report section online

One last Q if I fill column no 53 I need to write
Gross Receipts (sum of fav plus unfav)
less expenses (including purchases)
Then the net loss figure will not match with actual loss figure as per broker statement

because sales figure is different from gross receipts / turnover arrived as per above formula.

please advise.

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