Are You Covered Under Tax Audit

SALARY INCOME-2.92 lacs
80C deduction -92000/-
Home loan interset 1.09 lac
FNO Loss 1.19 lac
Others Income 1.25 lac
Total Incone=2.92-.92-1.09-1.19+1.25 lac=.97 lac

Do I Need Audit ??
your TO is 45 lakhs (hope you know, how to compute TO)
your other income is from private accounts work

sorry
dont know about it, whether such other income is allowed to adjust against FnO loss.
if allowed, then you are saved from audit and if not allowed then you have to go for audit.

let Nikhil bro, may reply your query in a better way
 
Need help please.

I have just dabbled in "Options" trading for the first time in my life this year from Jan to April. The number of transactions are less than 30 and I incurred a loss of about 75,000 rupees. The total of profit+loss+value comes to about 7 lakhs. NO futures trading at all ever.

Should I get my accounts audited and file ITR 4 or

Can I show the loss under short term capital loss and deduct from short term capital gain (from delivery cash segment) and file ITR 2?
 

canikhil

Well-Known Member
the losses from options will get adjusted against capital gains anyway. The correct reflection of transactions is however necessary. In case you do not have any future plans to trade in options, then you may consider showing them as part of capital gains. But be assured that Income-tax department is going to ask you how you have shown the F&O transactions in your return (this happens because the STT report for all your transactions is shared with the Income-tax department and they scrutinize on the basis of the information provided therein) and at that time, you/your CA will have to provide the explanation of showing the same under capital gains.
 
the losses from options will get adjusted against capital gains anyway. The correct reflection of transactions is however necessary. In case you do not have any future plans to trade in options, then you may consider showing them as part of capital gains. But be assured that Income-tax department is going to ask you how you have shown the F&O transactions in your return (this happens because the STT report for all your transactions is shared with the Income-tax department and they scrutinize on the basis of the information provided therein) and at that time, you/your CA will have to provide the explanation of showing the same under capital gains.
Thank you Nikhil for your answer.

  • The total STT tax paid for assessment year on my options trading is only 88 rupees. So, I assume it is too little to bother their time.
  • Even if they raise any scrutiny, I have the excel sheet of the trade book as well the P&L report provided by the broker which again I assume could satisfy the officer.
 

canikhil

Well-Known Member
Thank you Nikhil for your answer.

  • The total STT tax paid for assessment year on my options trading is only 88 rupees. So, I assume it is too little to bother their time.
  • Even if they raise any scrutiny, I have the excel sheet of the trade book as well the P&L report provided by the broker which again I assume could satisfy the officer.
thats your call mate. My job was to tell you the risks.
 
Sir,would you please reply me?My f&o turn over as per statement of zerodha is ₹16,69,301.25.commodity turn over ₹10,91,977.50 and euity turn over ₹49,572.10. do i need my account audited to file income tax return.I don't know how zerodha calculate turn over for my intraday trading.If you allow me i can mail their statements to you...In total i have incurred loss in these tradings.plzz reply sir .
Bijoy padhi
 
Sir,would you please reply me?My f&o turn over as per statement of zerodha is ₹16,69,301.25.commodity turn over ₹10,91,977.50 and euity turn over ₹49,572.10. do i need my account audited to file income tax return.I don't know how zerodha calculate turn over for my intraday trading.If you allow me i can mail their statements to you...In total i have incurred loss in these tradings.plzz reply sir .
Bijoy padhi
Do you have any other Income?

If your total income from all the sources in below 2.5L then you dont need audit even if you are in loss trading F&O.
But,if you want to carry forward this loss made from trading F&O then you can go for audit.
 

canikhil

Well-Known Member
Do you have any other Income?

If your total income from all the sources in below 2.5L then you dont need audit even if you are in loss trading F&O.
But,if you want to carry forward this loss made from trading F&O then you can go for audit.
you can mail
Sir,would you please reply me?My f&o turn over as per statement of zerodha is ₹16,69,301.25.commodity turn over ₹10,91,977.50 and euity turn over ₹49,572.10. do i need my account audited to file income tax return.I don't know how zerodha calculate turn over for my intraday trading.If you allow me i can mail their statements to you...In total i have incurred loss in these tradings.plzz reply sir .
Bijoy padhi
you can mail me at [email protected]
 
Do you have any other Income?

If your total income from all the sources in below 2.5L then you dont need audit even if you are in loss trading F&O.
But,if you want to carry forward this loss made from trading F&O then you can go for audit.
Sir,income from salary around 14 lakhs..so I have to audit my account,is 31st july last date for filing return for me?
 

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