For FY-20-21, my F&O turnover is around 8 Cr and I I have incurred losses of around 5 lacs.
I am also having a salaried income which falls under taxable slab.
- Do I need a tax audit??
- Is audit required to carry forward these losses in next FY??
- Can I set off these losses in my current ITR against tax deducted from TDS ( due to income from salary & FD’s)??