Tax filing and audit

i have rental and agriculture income less than 2 lakhs.

Last year filed f&o loss with audit.

This year also loss but turnover is below 1 cr.

Have to carry forward this and past few years losses.

Is audit required?
Which form to file ?


The applicability of tax audit can be checked based on turnover, number of transactions and amount of loss.

Further, if you want to claim losses of this financial year, tax audit is compulsory. If tax audit is applicable:

  1. Prepare and file Financial Statements i.e. BS and P&L
  2. Prepare and file ITR-3
  3. Prepare and file Tax Audit Report (3CB-3CD)

If you need further assistance regarding ITR filing and Tax Audit, you can write to me on [email protected]

any prompt CA can pls leave number to contact.

If your other income is less than 2.5 Lacs ( Below taxable limit) you dont require Audit but you shall file return before due date


Quicko can help you with your income tax return and tax audit. You can connect with us on 7575831310 or [email protected]

If you want to schedule a call with a CA from our team, drop in your contact details.

if you want to carry forward this year’s loss, You need to file audited returns.

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Thanks Mr.Balamurugan for concise answer.

What if small profit this year…
And loss in previous years ?

If a senior citizen has total income less than 3 lakh and trading turnover is about 18 lakh and traing profit is about 28k - does she require audit ? Does she need to file tax return. This question is for FY 18-19 @Quicko @Sakshi_Shah

For any further queries or compliance help, you can connect with us on [email protected].

@Quicko Hi Quicko, when we report fno trading income as business income in ITR 3, we can claim brokerage, exchange transaction charges, stt, gst, stamp duty as expenses.

However, if broker has charged the client interest for having insufficient margin for fno trading, can these interest charges be claimed as expenses as well in ITR 3.

I know that penalties imposed by exchange cannot be claimed as expenses, but can this interest charged by broker be claimed as an expense?

Yes, its claimable as it’s a part of the business.

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Thanks, can we claim the short margin penalty as expense too?

it should also be allowable as it is in a compensatory nature.

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