Hi @Kishan
No, a tax audit is not applicable to you in this case.
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Hi,
I haven’t filled ITR before this year because out of the Tax slabs. This year my salary is 10 LPA so tax is deducted. Apart from it i have made losses in F&O of 7 Lakh and Turnover is below 20 Lakh. So do i need Audit for this?
Thanks for your help.
No, you can proceed to file your ITR without a tax audit.
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Really Really thankful to you guys. Looking for e file my ITR. Checked some posted screenshot from Quicko and used that portal.
Seriously all my headache is sorted there. Because Earlieri reached out to Cleartax and Moneycontrol partner Tax2win. They recommend me to Buy there subscription worth 3-4K and then i also need to pay Audit Fee.
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I used Quicko to file my ITR after paying very nominal charges.
Thanks team QNA.
Regards
Gaurav
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Thanks for the shoutout. Cheers like these keep us going!
We endeavor to give the best insight to our customers as a team. We are happy that you had an amazing filing experience with us!
I have done options trading and incurred a loss of 12.22L with an option turnover 1.6Cr. Do I need to do a tax audit?
No, you do not need a tax audit, provided you have not opted out of the presumptive scheme in the previous years.
Thank you for your quick reply but can you please elaborate on the “you have not opted out of the presumptive scheme in the previous years”
And one more thing in this article is mentioned if the turnover is above 25L and there is a loss the audit is applicable
The screenshot is not updated. Apologies for the same.
Once you’ve Prepare your Income Tax Return : Help Center on Quicko, it will automatically recommend the audit applicability as per the latest rules.
You can read about the Tax Audit Applicability : Help Center for your reference on the presumptive scheme.
Hope this hepls.
Thank you once again for clarifying the same. I have other queries, I did crypto trading in the last financial year also as mentioned earlier I had some losses in F&O trading. I already filed the ITR 2 but as I am not sure about the audit thing the F&O trading loss has not been shown in the ITR which is already submitted and verified. Now can I revise my ITR and change the ITR form from ITR 2 to ITR 3 and show the losses incurred in F&O trading?
If you have traded in F&O in FY 2022-23, you must file ITR 3 as F&O trading is a non-speculative business income. Also, if you have crypto transactions in FY 2022-23, you must report them under Schedule VDA.
You can file ITR 3 worry-free without an audit.
If you revise your ITR to ITR 3, you will be reporting F&O losses and will be able to set off and carry forward them.
Hope this helps!
Thanks for the explanation, yes I have reported the crypto transactions in Schedule VDA on ITR 2. But as you also mentioned I need to change the ITR form from 2 to 3 to add the traded loss in F&O but I don’t need to audit for the same.
So as I get some knowledge from the internet only that if I have to audit my file then I have time for 30th September to do so, but in my case, I do not need to audit then what is the last time to revise my ITR and also if I revise the ITR from 2 to 3 will I be able to carry forward the loss for the next 8yrs?
I know I might sound annoying by asking so many questions but I am really clueless regarding the filing as this is the first instance in many years where I filed the ITR which is not ITR 1. Sorry for the inconvenience.
You can revise your ITR till 31 December. However, you must file your ITR 3 by today itself in order to carry forward the loss for 8 years.
Hope this helps.
Sorry mam for disturbing you multiple time, I am still confused in something related to ITR 2 and ITR 3
Please file ITR 3 today itself(as the due date to file ITR is 31 July 2023) if you have F&O losses for FY 2022-23 in order to carry forward them to the future years.
Hope this helps.
I am Option Intraday Trader. My Turnover is more than 3 Cr.
is it require audit for that ? what is audit limit for intraday option trader for f.y. 22-23 & 23-24 ?
what If my income is more than 15% of turnover. should i return under section 44AD, by showing 6% or 8% income of Turnover.
is it illegal to show 6% or 8% income, when your actual income is more than that under section 44AD.
plz guide. i am not getting proper answer to CA & Tax Consultant.
Hi @R_V
A tax audit is not applicable to you in this case if you’re opting for regular taxation in previous years.
You can read more about Tax Audit under Section 44AB of Income Tax Act - Learn by Quicko for a better understanding.
The audit limit under the regular taxation scheme is 10 crores for FY 22-23 and FY 2023-24.
For FY 20223-24, the turnover limit under the Presumptive Taxation Scheme:
- For businesses → Turnover limit increased to ₹3 cr from ₹2 cr
- For professionals → Turnover limit increased to ₹75 lakhs from ₹50 lakhs
You should show the profits as 6%/8% or actual, whichever is higher u/s 44AD.
Hope this helps.
Hi
I have opted for regular taxation and having interest income primarily more than basic exemption limit of Rupees 2.5 lakh in previous years.
In FY23, my details are
Interest Income Rs. 6 lakh
Dividend Income Rs. 25000
Short Term Capital Gain on equity shares 2.22 lakh
Long Term CAPITAL GAIN on equity shares 66000
F&O losses 10 lakh
F&O Turnover 90 lakh
Is Tax audit applicable to me ?
Hi @Raj1
With the given information, a tax audit is not applicable to you.
Thanks, I just did the calculation again and turnover is 1.44 cr
Will tax audit be applicable now ?