I have traded 200 lots of usdinr and the turnover is above 2cr. I don’t have any income except for some amount I receive for giving tuition classes. My total income is not above 2.5 lakhs and I have net loss in my usdinr contracts. Do I need to file ITR and get audited?
Yes, you are required to file ITR and get your books of accounts audited since your turnover is more than INR 2 crore and you have losses. You can carry forward the losses to the next 8 financial years by filing your ITR. This loss can be set off against your future profits.