22 July 2018
Hi, Made loss in F&O and intraday trading -220000 Made gain by selling shares kept for short term (less than 12 months) +180000 Only income is from FD interest. +132000
Turnover of (FO+intraday+ short term share trading) is 80 lakhs.
Is audit required in my case? Can I avoid it by not declaring losses in F&O and intraday and simply show 180000+FD interest as my income and pay tax on it. Will 15% be charged in 180000 profit of short term trading?
23 July 2018
your losses will get adjusted against the FD income and STCG. the balance income will below the taxable limit, hence not audit. File ITR-3. In case you need professional help for filing the return, mail me at ca.nikhilkaushik@gmail.com
CAclubindia
