Hi Team .
I am Salaried person and has taxable income from salary and also deals in F&O and equity trading and incurred losses in both i.e loss in F&O trading of Rs. 20935/- with turnover of Rs. 40281/- and aggregate loss of Rs. 4258 /- from trading of shares ( equity) with turnover of Rs. 290494/-.
Request your guidance on following points.
- Considering above scenario which ITR to be filled.
- Do in need to maintain books of account
- What should I need to do to carry forward losses
- Do I need to do audit to C/f my losses ( considering above scenario) and turnover < 1 Crs.
- What happens if I do not show my losses and files ITR 1 only
- If I files ITR 3 without audit and not showing losses, what will be the consequences.
- Finally what is the ideal solution for above mention scenario.
CAclubindia
