Hi,
Hope you are doing well !!
Yes, your understanding is correct.
No need of audit for carry forward of losses.
Hi, I am trader in all segments (F&O, Intraday and equity). Last FY i filed with ITR-3 with 3,50,000 loss. I want to carry forward loss with current year(FY 2018-19) loss. Please find below my turnover and loss of FY2018-19 (current finance year). Derivatives (F&O) ----------------------- Realized Profit Breakdown Options realized profit -492410.75 Futures realized profit 38412.50 Total realized profit -453998.25 Turnover Breakdown (Scripwise) Total Turnover 2543072.75 Futures turnover 693992.50 Options turnover 1849080.25 Intraday and Equity --------------------------- Realized Profit Breakdown Intra-day/Speculative profit -9442.25 Total realized profit -117981.90 Short-term profit -108539.65 Long-term profit 0.00 Turnover Breakdown (Scripwise) Intra-day/speculative turnover 9442.25 So my query here: If i want to carry forward losses, Is it audit required or not? I believe, no need audit, because my turnover is less than 1Cr and my taxable income is not crossed 2.5LK.
Hi,
Hope you are doing well !!
Yes, your understanding is correct.
No need of audit for carry forward of losses.
Yes, audit is not required if the total income is less than Rs.2.5 lacs. You can carry forward the losses.
Hi,
Yes, you don't need to undertake audit if turnover is less than 1 cr and taxable income is less than 2.5 lacs
Hello Sir,
Audit is not required as your turnover is less than 1 Cr.
You can carry forward the losses without tax audit.
Yes no audit required.
Since you income is below 2.5 lakh and turnover below 1 crore, however are these your only sources of income?
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