Income tax department is asking for balance sheet and audit from salaried person with F & O losses.
So, as per the new rule if a salaried person with taxable income (assume 10 lakh per annum), does a F&O Trading of Rs.5000 and incurres losses of Rs 1000, needs to file ITR4 with balance sheet and audit by CA.
For CA balance sheet and audit the charges are of Rs.10,000 plus.
Just for carry forwarding losses of Rs.1000 a person has to spend Rs.10,000 plus and go through all the pain for creating balance sheet and audit? Is this correct?
CAclubindia
