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Tax Audit in case of F & O LOSS for SALARIED PERSON

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(Querist)
27 June 2022 Tax audit applicablity, in case of Salary is above Taxable Limit and F & Loss is 50K and F & O Turnover is 11 Lakh (for 1st time.). Last ITR is ITR-2 and not 44AD.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
28 June 2022 Tax audit not applicable in such a case
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
28 June 2022 If you declare 6% income on F&O trading then no need of audit otherwise books need to get audited.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
07 July 2022 File ITR 3 declaring F&O trade under Business income, with books of accounts maintained. No tax audit applicable, but loss would be carried forward.
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
07 July 2022 Same will be rejected as made in one of my case.

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