Hi Guys,
One of my friends is doing occasional F&O trading. He has performed less than 50 F&O transactions in FY 2013-14. His F&O turnover is less than 10 lakhs. He has a F&O loss of around 20 K from these trades.
Is it compulsory for him to go for a tax audit ?
He does wish to carry forward his losses, so is it fine if he does not declare these losses while filing returns.
He is a salaried professional coming in 20% tax bracket.
Any help would be appreciated.
One of my friends is doing occasional F&O trading. He has performed less than 50 F&O transactions in FY 2013-14. His F&O turnover is less than 10 lakhs. He has a F&O loss of around 20 K from these trades.
Is it compulsory for him to go for a tax audit ?
He does wish to carry forward his losses, so is it fine if he does not declare these losses while filing returns.
He is a salaried professional coming in 20% tax bracket.
Any help would be appreciated.