Thanks for the reply.
I have one clarification question regarding Presumptive taxation scheme. I have filed all along only ITR-1 except AY2021-2022 where I filed ITR-3 with a capital gains and a 7 rupees loss on Intraday Stocks. And next AY 2022-2023 I have filed ITR-1 only.
Below is the snippet from ITR-3 files during AY 21-22 where few of the sections are selected as “No” only
Can you please confirm if I have opted or not for Presumptive scheme ?
General question,
If we opt for Presumptive scheme to show F&O profits , is that we have to show 6% as profit whatsoever even if the actual profit is lesser ? and vice versa like it is enough to show only 6% profit though profit is much higher than that , provided turnover is less than 1 crore ?
Thanks
I have carry forwarded loss in the previous 2 years, this year I’m in profits . Turnover less than 10 cr and profit less than 6% of turnover
Is audit applicable?
Hi @Praveen
A tax audit is not required of you in the income situation mentioned by you as the turnover is less than 10 crore and you have not opted out of the presumptive scheme.
Hi @rhariram11
From the screenshot, it is shown that you have ticked “No” at (a2) which is for presumptive.
So, it doesn’t seem like you have opted for the presumptive scheme.
Also, if you opt for the presumptive scheme for F&O profits, you must show the higher of 6% or actual profits.
In case of further assistance, you can also Ask an Expert.
Hello Mam,
Could u pls advise
Contractual Medical stipend received 527000
Tds under 194jb deducted
Previous year treated as presumtive u/s 44ADA
Other income 125000
F& o loss 6lac
Option turnover 11lac
Intraday 5k profit
Stcg 29k loss
Query- is it come under tax audit & if yes due date is 30sep
Thanks for the reply.
My overall income is above basic exemption limit , have a capital gains of 90k and a below F&O trading income.
Turnover ~ 40k
Profit post expenses ~ Rs.1288
I am not eligible for Tax audit. But maintaining books of accounts or balance sheet how far it is important and should be precise ? Since I am not doing any business and it’s just my very less personal trading income.
Thanks
I am a senior citizen.
Income from other sources : 10 lac
F&O Turnover: 1.6 cr
Gross profit: 7,65,000 (less than 6%)
Charges : ~80,000
Not filed under presumptive taxation before.
First time F&O income.
Is audit applicable for me?
Regards
Hi @vikram_raje
A tax audit is not applicable to you in the income situation mentioned by you if the turnover is less than 10 crore and you have not opted out of the presumptive scheme.
In case you opt out of the presumptive scheme only then an audit is applicable.
You can Prepare your Income Tax Return : Help Center on Quicko with all the details as mentioned above and Quicko will also recommend the tax audit applicability.
Hope this helps.
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Hi @rhariram11
Assuming your F&O transactions would be digital in nature, it could be as precise as possible and should suffice.
Hi @janardh01
A tax audit is not applicable to you in the income situation mentioned by you as the turnover is less than 10 crore and you have not opted out of the presumptive scheme.
Thank you Shrutika. But can I show my real profit (which is less than 6%) or do I have to show 6% of turnover ?
Hi @janardh01
If you opt for the presumptive scheme you have to show the profit as a minimum of 6% or actual profits, whichever is higher.
Okay . If I don’t opt for presumptive taxation, then is audit applicable?
Thank you very much for quick response.
Hi @janardh01
If you had opted for the presumptive taxation scheme in the previous 5 years, then an audit is applicable if you opt out of the scheme.
Sorry to be persistent.
My question is this . I have not opted for presumptive taxation before. If I want to show my real profit (which is less than 6%) , can I do that without Audit and without opting for presumptive taxation ?
Thank you. Looks like I have to either show 2 lac extra income or get audited and show actual p/l .
Thank you for your suggestion.
As mentioned i’ve taken under presumtive scheme that medical income for fy 21-22 under 44ada
But no f& o activities that year.
F&o first time in fy 22-23…now i’ve loss 6lac turnover 11 lac
So to carry forward loss should i need audit
Also should i treat f& o loss as a normal business income and not under presumptive
& medical income ( contrcatual payment) consider under 44ada as a presumtive scheme again
Is that possible without audit & carry forward f& o losses to future year
& if in above case if bussiness income in both fy 21-22 & 22-23 instead of medical income audit required or no
Sorry may be this is lengthy, but could you pls guide me
Hello,
I have income from salary, interest from savings account, dividend from equity, Intraday gain , STCG, & LTCG from sell of equity and loss from Options trading.
I contacted a CA for ITR filing but for showing my F&O loss he told me that it is mandatory to go for audit. Based on my understanding i told him it is not required but he told me that his software is not allowing it. So, either i need to go for audit or ignore loss booking.
Please guid me for below details also I want to remember whether i have opted for presumptive tax or not.
Option realised profit. : -79705
Option turnover. : 647795
I have also checked my last year ITR 3 in that under 2a No box is ticked. Also during last year also I was having F&O loss and my CA shows as speculative income loss.
Please inform whether audit required or not. If not which clause I have to tell my CA to submit my ITR.
