cpc

f&o loss


Hi I have made F&O Loss for the Financial year 2019-20. I don't want to set off or carry forward the loss - 1. Do I still need to show the loss in income tax filling? 2. Since I don't want to set off or carry forward the loss for future do I have to still go through Audit process. Appreciate experts help please.
 
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ha21@rediffmail.com Mumbai : 9820174108

1. YES.  You need to declare "ALL" Profit and Loss in your Income Tax returns, to avoid future scrutiny and any concealment prosecutions.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

 

 
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Retired employee.

It is always better to consult/engage a professional CA for such guidance, as accounting losses and submitting such statement helps in many counts like depreciation, financial analysis of the specific reason for the loss and for availing finance.

 
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Thanks, but is the audit mandatory in case I don't want to offset or carry forward the loss incurred and my turnover is less than 1 cr.
 
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Lawyer

Seek professional services of a chartered accountant, this platform is for social service by lawyers.

 
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