An Individual having Salary Income= Rs.9,70,000and Loss on Futures and Option=Rs.9,000(i.e Non Speculative Income),Brokerage paid on F&O Transaction Rs.29,000 -Please answer the following question regarding the above mentioned facts-
- Which ITR should be filed ??(As per me ITR-3)
- Whether Tax Audit is mandatory in the said case in order to claim Loss and to carry forward the loss for the next year??
- Whether Brokerage paid in carrying on the F&O Transaction be claimed as expense while filing the Income tax Return ??
- If the assessee does not want to show the F&O Loss in the IT Return, Is there any change of receiving notice from the Income tax Dept for not showing the F&O Loss??
Please give an elaborate answer
Thank you for the response ,please clarify on some issues-
Since we are claiming loss on Non speculative business(I.e Normal business) that means we are showing net profit less than 6% of Turnover so as per Sec 44AB of the Income tax Act tax audit will not be applicable ???
And which ITR Form will be applicable for filing IT Return??
Audit is not required.
There is no clause in 44AB which says that if you show less than 6% , you need to get audit done