Audit on f&o loss
This query is : Resolved
28 July 2014
sir i hv
1 salary income
2 home loan self occupied
3 loss in F&o almost 3 lac and turn over is 40 lac
sir is it necessary to audit my accounts if i do not want to carry forward loss.plz reply as earliest.
thanks
1 salary income
2 home loan self occupied
3 loss in F&o almost 3 lac and turn over is 40 lac
sir is it necessary to audit my accounts if i do not want to carry forward loss.plz reply as earliest.
thanks
28 July 2014
Not required to get accounts audited whether you want to carry forward loss or not. You need to file your return in ITR4.
28 July 2014
thanks a lot for quick reply.
sir as u said no need to audit but little doubt bcz income/loss in f&o comes under income frm buisness n profession.
in this if profit is less than 8% than any body should audit accounts .
and i hv loss of 3 lac then why audit is not required. plz clarify.
thanks
sir as u said no need to audit but little doubt bcz income/loss in f&o comes under income frm buisness n profession.
in this if profit is less than 8% than any body should audit accounts .
and i hv loss of 3 lac then why audit is not required. plz clarify.
thanks
28 July 2014
Dear Ashok,
If your salary is above Rs 2 lakhs, then audit shall be applicable to your case.
This is so because under 44AD, if your total income is above Rs 2 lakhs and you are offering income at less than 8% on eligible business turnover, audit shall be compulsory.
If your salary is above Rs 2 lakhs, then audit shall be applicable to your case.
This is so because under 44AD, if your total income is above Rs 2 lakhs and you are offering income at less than 8% on eligible business turnover, audit shall be compulsory.
28 July 2014
nikkhil sir thanks for reply.
sir my salary income is 460000
sir my salary income is 460000
28 July 2014
then audit is compulsory.
28 July 2014
sir is it possible online with u bcz i m living in hanumangarh (rajasthan)
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28 July 2014
Ashok you can contact me at 9699814106/ ca.nikhilkaushik@gmail.com . it can be done online
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