hello,
3. undoubtedly there is a requirement to get accounts audited if 8% profit is not shown or to claim a loss in any business by virtue of section 44AD, if your current case i think u have a loss in FNO business hence it will be better to get the accounts audited and claim the loss to be carry forwarded for the coming years.
i hope i kept things simple and at par with the query.
thank you
CA. Ritesh Bafna
3. undoubtedly there is a requirement to get accounts audited if 8% profit is not shown or to claim a loss in any business by virtue of section 44AD, if your current case i think u have a loss in FNO business hence it will be better to get the accounts audited and claim the loss to be carry forwarded for the coming years.
i hope i kept things simple and at par with the query.
thank you
CA. Ritesh Bafna
a) Based on your response, is there any way to still file returns using ITR-1? I want to show losses from F&O trading since I want to offset against capital gains from sale of ESPP/ESOP (US company stocks) and also to carry forward.
b) Or is there a way I can file using ITR-4 and not get tax audit done?
c) Even for last financial year 2011-2012, I had filed returns using ITR-1 and shown F&O trading loss under STCG. If I decide to file ITR-4, can I still file revised returns for this last financial year and what would be last date for it?
Thanks,
Nitin