Hello,
My F&O turnover is 64L and i have incurred a loss of 10L. I’m still in old tax regime and I’m a salaried person too. Am i required to tax audit ? Kindly reply.
Thanks
Hi @Anosh
Tax audit is applicable as your turnover is less than 1 crore but you have a loss and the total income exceeds the basic exemption limit.
hi,
I have few questions
year 1 - ITR4 choosed presumptive taxation and declared 6% profit
year 2 - ITR3 made f&o loss so got tax audit done
year 3- if I make profit in current year do tax audit needed?
if I can offset all losses in year3 can I choose ITR4 in year4 if I make profit
Hi,
Give this query answer,
My FNO turnover is 7 crore and my loss is in lacs. And I want to carry forward this loss for future setoff.
Is Audit applicable in this case? I have not chosen any Presumptive taxation scheme.
If a person has 2 business 1st cloth business in which he avail 44AD his Turnover is less than 2 crore i.e 10 lakh and Profit is more than 8% i.e 1.2 lakh and another business is of F&O in which his turnover is 30 Lakhs and having loss of 3 Lakhs and he maintain book of account in case of F&O business did audit applicable? Last year he has only Cloth business and opt 44AD
Hi @shyam15
Based on the given information, since your income is less than the basic exemption limit and the turnover is less than ₹1 crore, an audit is not mandatory. Though depending on the other income sources and situations, the applicability of audit requirements may vary.
even in case of loss in F&O tax audit not applicable, person opted 44AD for cloth business , His aggraged profit ( F&O + Cloth business) is less than 8%/6% In this case he has loss still tax audit not applicable
Hi @thiyagu53
The requirement for a tax audit depends on certain conditions. If your turnover exceeds the specified threshold, a tax audit is mandatory.
Here’s an article on Tax Audit Applicability.
If you opt-out of presumptive taxation, you are not able to opt-in back for next 5 years.
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Hi @shyam15
To check tax audit applicability, you may refer to this article - Tax Audit Applicability : Help Center for better clarity.
Hope it helps.
I have loss in fno with below info
Tax audit is applicable for me or not ?
Futures profit
-72.98k
Options profit
-69.14k
Total charges
24.67k
Futures turnover
4.15L
Options turnover
3.53L
Other credits/debits
-3.24k
Hi @pvarmora
Assuming you have opted for the regular scheme of taxation if your turnover is between 2 crores to 10 crores and you have a loss, then a tax audit is not applicable.
Read more about Tax Audit Applicability : Help Center.
Hi @thiyagu53
is there a platform to get a tax audit from CA?
I have enquired , offline CA are charging like ~15-20K. My CFL is only 18K.
I have the same case as you but for year2 ( is my AY23-24).
I need to CFL for next year.
cc: @Muskan_Balar can you give any suggestion? Does Meet with expert will assist in audit of my f&O?
I have case with tax audit applicable .
Does quick provide audit facility for F&O trades? if yes, please share how to get in touch for audit from quicko
Hi Ramesh, I can’t find any website doing tax audit. we have to do offline.
Quicko is an online tax filing platform. However, when our customers have audit requirements, we connect them with Chartered Accountants who could conduct tax audits upon booking a MEET.
Hi @Shrutika_Shah My turnover from f&o is 44 lakhs . i have made a loss of 2.4 lakhs in th FY. never opted for the presumptive taxation. do i need audit?
Hi @Dev
No, a tax audit is not applicable to you in this case considering the presumptive scheme has not been opted for.
@Shrutika_Shah Okay.Thanks for reply
No, a tax audit is not applicable to you as the turnover is less than 1 crore, and considering the presumptive scheme has not been opted for.
My F&O Turnover is less than 10 cr and loss from trading is -21 lakhs including all the charges in FY22-23. Im a salaried employee and not opted presumptive taxation . Whether Tax audit applicable for me pls advise