the last finacial year i did trading and incured a loss of 165000 and my turnover adding loss and gains comes upto 5 lakhs,my salary income was less than 2.5 lakh as i worked just for few months last financial year…
my question do i need to declare loss and carry forward the loss?is it advisable to get audit done or just leave it as i lost money and no tax is to be paid ???
You can’t just leave it. If you have already filled your returns earlier, you have to file returns for FY17 (I presume) as well. Moreover, declaring your net losses is in your advantage to set off any profits next year (tax harvesting).
Since your turnover is less than 2 crores, and your total income is less than BEL of 2.5 Lakhs (as you say), although you don’t have 8% profit of your turnover - you don’t have to get an audit done.
For better clarity consult a CA.
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