Carry forward of loss against share trading and speculative

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 June 2016 During Financial year ended 31.03.16, I have incurred a loss of about 15.00 lac from share trading and Future/Option.The turnover is around Rs. 85.00 lac. I do not have any other income. May a Carry Forward the said loss to next year ? Whether I will have to get my accounts audited ? Please guide me .

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 June 2016 Yes the loss can be carried forward to next year. As the turnover is less than 1 crore and not having any taxable income no need of tax audit.