First time posting on TradingQ&A.
Till now I used to file ITR1 but this year I started trading and got some losses. The process of Tax filing for trading income is making me very confused.
For FY20-21 below is my income summary:
Salary received - 4,92,682
Intraday Equity (Net) - 11,451 (Loss), Turnover - 13,711
F&O (Net) - 1,63,356 (Loss), Turnover - 4,41,505
Total Turnover - 4,55,216
LTCG - 4,040 (Loss)
STCG - 18,539
- Which ITR I need to file?
- Is audit compulsory in my case?
- If audit is compulsory, is there a way to avoid it?
- Can losses be carry forward without audit? or audit is mandatory to CF losses?