ITR filing
This query is : Resolved
Quick Summary
06 August 2020
I have incurred F&O loss of 8 lakhs, for FY 19-20 ,do i need to have audit (if i dont want to carry over the loss)
my turn over is 18 lakh.
my turn over is 18 lakh.
CA R SEETHARAMAN
(Expert)
06 August 2020
No need of tax audit.
06 August 2020
When i consulted a CA over telephone, he suggested a tax audit as it is a case of loss (which falls below 6% of turn over). Is there any provision to disclose the loss w/o audit in ITR3 ?
My taxable income is 12-13 lakh.
My taxable income is 12-13 lakh.
CA R SEETHARAMAN
(Expert)
06 August 2020
If you don't want to declare the loss in ITR then no need of audit.
If you declare and carry forward the loss audit is required.
If you declare and carry forward the loss audit is required.
07 August 2020
Ok. Then how to show this trading activity in the ITR in such a way that it should not leads to suppression of facts as per rules.
CA R SEETHARAMAN
(Expert)
07 August 2020
Non declaration of income is suppression of facts.
Declaration of loss is left to the option of assessee as no tax involved.
Declaration of loss is left to the option of assessee as no tax involved.
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