lakshmi swetha 21 October 2021

Audit applicability for carry forward of F& O losses

If X is salaried employee and Salary exceeds basic exemption.

He has F&O turnover of 77L but has a loss of 150000 and wants to carry forward the same.

New portal doesn't allow for negative figure in No Accounts case .

Is tax Audit mandatory to carry forward losses from F &O though Turnover doesn't exceed 1 cr ?

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CA PRAMOD CHADA (QUALIFIED CA. CS FINALIST) 21 October 2021

Yes. pls refer article in Zerodha site. however, if there is a scope for directly filing ITR 3 without audit. one of my frnd filed ITR 3 directly and claimed loss. have to see whether there will be any complication in future.

lakshmi swetha 21 October 2021

Could you tell me is it possible to file with negative figure ( losses) in new IT portal?

CA PRAMOD CHADA (QUALIFIED CA. CS FINALIST) 21 October 2021

Yes. but not in ITR 4 you can use ITR 3

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