@Quicko If I want to carry forward my losses from derivatives in next year (FY 2023-2024) ( so that I can set-off them against profits if any ) Do I need to do Tax Audit?
A tax audit is required if your turnover exceeds a certain threshold. In order to carry forward your losses, you are only required to file your ITR within the due date.
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Thanks a lot for quick response…
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Can you tell us what is the amount. I tried to file using quicko but asking for audit. my turnover is 48k. Tried to trade once or twice as a retail guy. is an Audit really needed
For turnover of 48000 , audit is absolutely not required.
Audit is required if turnover exceeds 10 crore.
Quicko suggestion is broken for sure. I also got their recommendation as audit, but my CA clearly told audit not required for < 1 CR turnover. I don’t know how @Quicko is suggesting these things.
Ppl should understand Presumptive taxation and stay away from it when the profession is Trading, not the local corner grocery shop.
@Quicko Can you please clarify this?
If salary income is more than 20L, and net turnover in F&O is more than 25L with loss, is tax audit applicable?
Hi @alwaysshri
Assuming you’re opting for the regular taxation scheme, and your total income exceeds the basic exemption limit, and your turnover is less than 2 crore and you have a loss, a voluntary tax audit u/s 44AB is recommended.
Hi @Chirag1 @ranton137 @noob_jethalal
A tax audit is recommended by Quicko, considering the turnover, profits/losses and taxation scheme opted for.
You can read more about Tax Audit under Section 44AB of Income Tax Act - Learn by Quicko for a better understanding.
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If total income below basic exemption limit then audit not required
Yes will be applicable
Quicko updated the methodology table:
So, no audit required if there is loss and turnover upto 1Cr @Quicko ?
Hi @alwaysshri
An audit is not applicable up to ₹ 1 crore provided that the total cash receipts/payments do not exceed 5% of total receipt0/payment and you’ve not opted out of the presumptive scheme.
This seems to be incorrect, There are 3 input variables to decide applicability of tax audit 1) Turnover 2) %profit/loss 3) Tax regime opted for…