Dev Shewani (18 Points)
24 November 2022
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(185633 Points)
Replied 24 November 2022
Not advisable.
Even if you cannot carry forward the loss now, but better to declare it in ITR.
If worried about tax audit, its not mandatory in your case.
Vishal Manakshe
(299 Points)
Replied 24 November 2022
Dev Shewani
(18 Points)
Replied 24 November 2022
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(185633 Points)
Replied 24 November 2022
You need to express all the details at one go.
With twist in the data, you are mandatorily required to audit the F&O transaction, even if you do not wish to declare the loss.
Or declare the 6% profit on F&O to avoid audit.
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 24 November 2022
Calculation of turnover under F&O transaction is somewhat different as compared to regular business. F&O turnover means absolute value of profits/losses for each of the trades. Hope the turnover mentioned in your query is in accordance with this calculation.
By default if you intend to show profit in ITR less than 6% of said turnover (u/s 44AD), you need to get your tax audit done and in that case you need to pay penalty @ 0.5% of the turnover now for delay in filing tax audit report. Even if you get tax audit done, you are not allowed to carry forward your loss if reported in ITR as you are filing return beyond the due date of filing of return u/s 139(1). Irrespective of applicability of tax audit, you would be liable to pay late filing fees as well liable for interest u/s 234A/B/C (if applicable)
Regards,
Manoj
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