FY 2019-2020
Losses from F&O Trading - 3lk
Turnover - 90lk
Is it mandatory to do tax audit ?
If I do not want to carry forward the loss still I have to file Itr3 ?
Other sources of income in FY 19-20 is FD interest which is around 2lk
If the trading turnover is up to INR 1 Cr, profit is less than 6% of turnover and total income exceeds basic exemption limit, Tax Audit under Section 44AD is mandatory.
In your case, since the total income is less than basic exemption limit, tax audit is not required.
However, it is always a safe option to go for tax audit to avoid any tax notice from the Income tax department.
If you need help of an expert for filing Income Tax Return for trading income, here is an appropriate plan - ITR for Trading Income
For any further queries, write to us at [email protected]
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