Tax returns for trading loss + salary less than Exemption limit

Taxation
1

Hi,

Which form to file tax returns for Tax returns for trading loss + salary together less than Exemption limit.
I dont want to claim trading loss to carry forward.Any audit required? Please clarify.

2
  1. If turnover more than 2cr, irrespective of loss/profit, audit is required. Tradetax.in is good or any CA u know
  2. If turnover < 2cr, THen, if u have loss, Audit required

Audit is not required only in the case where turnover < 2cr and ur profit is greater than 8% of ur turnover.

3

Thank you but if my total income of the year is less that 2.5 L ,then also tax audit is required?

4

Unfortunately, yes

There’s no way for the tax dept to know if u made profit or loss
Or how much ur total income is

5

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Nitins reply for same doubt. I think audit is not required in your case

6

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This is from varsity

7

The important thing is you can not set-off salary with f&o losses as it is not business income