Hi, I have a query, If we get our account audited this year to carry forward the losses for the coming years, then next year if we make profits then can we file the ITR by our self (next year) by adjusting the previous year loss with that year profit ? or if we get our account audited then we have to get audited for coming years also to adjust profits with the carried forward losses?
Say for example if X has F&O losses of 5lk and gets audited his account in the FY 17-18 and carry forward his loss to the coming year. Then nin the FY 18-19 he makes profit in F&O of 2 lk then can he file the ITR for FY 18-19 by himself by adjusting this 2lk profit with the carried forward loss of 5lk and show the tax liability as zero for that year? or he has to get his account audited for FY 18-19 also to adjust this profit with the carried forward loss.
Please respond quickly. thanks
Say for example if X has F&O losses of 5lk and gets audited his account in the FY 17-18 and carry forward his loss to the coming year. Then nin the FY 18-19 he makes profit in F&O of 2 lk then can he file the ITR for FY 18-19 by himself by adjusting this 2lk profit with the carried forward loss of 5lk and show the tax liability as zero for that year? or he has to get his account audited for FY 18-19 also to adjust this profit with the carried forward loss.
Please respond quickly. thanks