Doubts regarding taxation

Taxation
1
  1. If i have a non speculative loss of 100000 is it required to audit or i can choose not to file ITR
  2. In 1st year there wes 100000 loss and in 2nd year 150000profit and in 3rd there is 350000 profit. All are non speculative
    In this case i need to offset 1st year loss with 2nd year or i can offset it in 3rd year to avoid tax
2

@Nandha207
this will help. go thro till end

3

@Nandha207
to claim any loss u have to file the return by due date

4

i got those 2 doubts only after reading this

5
  1. Audit requirement is determined by how much was your turnover. Explanation here: Turnover, Balance Sheet, and P&L – Varsity by Zerodha
  2. Yes you can set off the loss. You can carry forward for 8 years if losses are filed within time.
6
  1. i think turnover doesn’t matter if there is a loss. My question is if i don’t want to carry fwd my losses can i skip ITR filing. or is there asy option to file without audit, as i am already in losses and i dont want to loss anymore by paying audit fees. BTW my turnover is around 35L
7

Can losses in F&O be set off against profits in Intraday Equity Trading?

8

You can offset F & O against Intraday profit and wont happen for reverse ie intraday losses against F & O Income