Query

This query is : Resolved

Guest

Guest (Querist)

16 March 2018 Financial Year 1-4-17 To 31-3-18 Only In FNO Trading with Loss, Turnover is less than 1 Cr. and no any other Income,So can we carry Forward loss to next year ? Would we need tax audit ? As per my knowledge total income does not exceed Rs.2,50,000 and turnover below 2 crore ( AY 18/19 ) no need to tax audit. But What are exactly ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 March 2018 audit is not required. File ITR-3 with books of accounts maintained.

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Guest

Guest (Querist)

16 March 2018 Thanks Sir Nikhil Kaushik,
But many of other have different opinion and say for audit for business loss otherwise in future IT dapartment can send notice. So, if notice from IT department what will we do ?

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 March 2018 forget the opinions. follow a simple rule - what does the law says? 44AD is unambiguous. Audit is not required in this case. Department can send notice even if the audit is done.

Guest

Guest (Querist)

16 March 2018 Thankiing you very much.

Guest

Guest (Querist)

16 March 2018 Sir can we carry forward business loss for next year ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 March 2018 yes you can carry forward...

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Guest

Guest (Querist)

16 March 2018 Respected Sir,
I have already file ITR-3 for Nil Tax (AY17/18) returne on 02/05/17, ITR is already veryfy but till today not processed nor received intimation. So what will we do for it ?

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