Reg : F&O losses

My net salary is 5.1 Lac. I made loss (40,000) in f&o ; loss (4000) in Speculation. My F&O transaction was 1.3 Lac.If I were to file my losses, do I have to audit my accounts? In case if I dont file my losses and fill ITR1 form  , will it lead to suppression of information and attract income tax notices in future.

hari Asked on June 29, 2016 in Taxations.
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1 Answer(s)

Hello Hari

Your Income is above the Minimum amount taxable and you have losses under business head. If you wish to carry over the loss you need to get your books audited.  Do fill ITR 4 only which covers all type of transaction.   If you wish to forego the loss still file ITR 4 and declare 8% of turnover as income and as you are in 20% bracket ..you can pay 20% of 8% ( 1.6% of your turnover as tax) which will make transactions are covered.

Regards

TaxIQ Answered on June 30, 2016.

Thanks for the reply. I’m in Bangalore.Is Taxiq providing auditing services for the same. What all documents are required for auditing .

on June 30, 2016.
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