ITR for salaried person with trade activity in F & O.

Yes sir as per my understanding and belief since you have made a loss in f&o and f&o is always considered as business and never as investment and therefore if you can't show income as per 44AD you need to get them audited by a CA, because even though your total turnover is below 1 cr and in f&o transaction turnover is calculated for audit by considering the total of profit+losses as turnover from F&O as per ICAI guidelines.

So even if your turnover is below the limit but if you can't show income under 44AD from such business and since your total income is above 250000 (I am assuming as you are a salaried employee) so it is adviced to get the accounts audited from a chartered accountant.

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P.S. We also provide service for filing ITR online if you just provide your information on email.

Dear Sir,

Hope you are doing well !

Yes, you will have to get your accounts audited by a CA.

Tax audit is required in two situations:

Having offered the F&O income as business income, you need to maintain books of account and also get them audited under the Income-tax Act (this audit is popularly known as tax audit) if the turnover exceeds Rs 1 crore.

or

If your turnover doesn’t exceed Rs. 1 crore, but you are under losses or your profit is less than 8% of the turnover and your “total income” is greater than the basic exemption limit (i.e in situations where you are also having salary income along with your trading loss/ income).

Thanks & Regards,

Payal Chhajed

Hi,

- Income from F&O will be treated as business income and you need to file ITR-3 with complete balance sheet and profit & loss account. No need for audit.

Thanks

Dear Sir,

We will help you in ITR filing.

We will discuss the charges over phone.

I have mailed you the details

Yes. You have to get the accounts audited.

Dear Sir,

Yes, you need to get the accounts audited by a CA.

Hi Yogesh,

Yes, you will need to get your accounts audited by a CA. You can connect with me for further details.

regards,

Nikhil,

Yes Audit is required as your turnover is below 2 cr and you are claiming losses.

ok

ok

hi,

ok

In case F&O t/o means the total of loss or profit of each transaction not the sale of buy value . & if T/o is <100 lac & previously not opted 44AD then no need of Tax audit only have to keep books of accounts

Hi

Yes, tax audit shall be mandatory for carrying forward the losses.

I assume since you are salaried, your income exceeds the basic exemption limit.

Return filing and tax audit charges shall depend on the number of transactions. It shall also vary from one CA to the other.

You may contact any of us on the portal.

Yes, you may have to get your trade audited but subject to your salary income after deduction is the decision point....

other wise no audit needed...

Hi,

Yes, tax audited will be required if you want to carry forward losses. Otherwise, you can show 8% profit under presumptive taxation.

Charges will vary based on the number of transactions.

Hi

Yes tax audit to be done.