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Tax Audit Limit fno
Can we carry forward trading intraday/F&0 loss without audit? If so under what conditions/circumstances?
Replies (8)
Quick Summary
Loss under Intraday Trading can be claimed if Tax Audit u/s 44AD is performed by a professional Chartered Accountant. The loss can be carried forward and set off against future profits to reduce the income tax liability. Non-Speculative Loss can be carried forward for 8 years
In case of loss in speculation loss or fno business loss the audit becomes mandatory.
there is only one condition which can relieve the tax payer from auditbrequirement- if his total income is below BEL.
there is only one condition which can relieve the tax payer from auditbrequirement- if his total income is below BEL.
Agree
can you pl provide with the related provision under which section this is required.
44ab and 44ad
but in those sections, no where it is mentioned that in case of loss in FnO/speculation, tax audit is required.
If some one is in different view, please quote the related section.
Thanks
It does not have a specific mention of speculation business.
but cant you make from the general provisions which are applicable for all businesses, which requires audit in case of loss.
but cant you make from the general provisions which are applicable for all businesses, which requires audit in case of loss.
except 44AD, 44ADA and other deemed income sections,
I dont think if there is any provision in Income Tax Act which require Audit in case of loss.
If some one is in different view, please quote the related section.
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