Previously i didn’t knew about taxation,but i started learning now and I am going to file my ITR for the first time and that is belated for FY 20-21,i had a salary of less than 2.5 lakh for FY 20-21,STCG of 9k, and f&o loss of 16k.i just started learning about taxation amd that i can carry forward my losses,do i need to get my account audited(as it would be more expensive than carrying forward my f&o losses),some channels on YouTube detailed about section 44AB and section 44AD,and claim audit is not necessary for individual filing f&o loss for the first time,i just need a final answer for question, somebody with relevant and qualified knowledge please help me out.
If your total income is below basic exemption limit and turnover is less than a crore (which seems to be your case) you don’t need an audit.
Sorry for jumping into your thread and complicating it, but what if someone generates a loss of say 16000 at turnover of say 1 lac, and decides to show 6%, I.e 6000 as profit (rather than loss of 16k) under presumptive income and “evade” the need for audit? Is it legally permissible?
I fully understand, the losses can’t be carried forward by doing this, but advantages like saving of audit/CA charges makes it monetarily attractive!
Don’t read me wrong, I’m talking here only for small losses of few thousands not of few lac/crores.
If your transaction is fully digital I think you can opt for presumptive scheme at 6% and forgo audit.
I think u can’t carry forward your loss as the due date for ITR is over. @Quicko can he carry forward loss in belated ITR?
If he goes for audit, which will be required to carry forward losses, due date is still due!
Hi @Raj_Thom, he cannot carry forward the losses as the due date was over. To answer your no he can’t carry forward the losses in belated ITR.