I have done some futures transactions in fy 12-13 and incurred an overall loss.
When I tried to report it in my IT return for fy 12-13 (I have house rent, interest from securities etc as other income) to carry forward the loss for future years, the intermediary site through which I submit my return electronically stated that the F & O transactions needed to be audited (section 44 AB) as I was showing less than 8% profit.
I have about 25 transactions in the year and a small loss of about Rs 20K. It seems a total waste of time to have to have a tax audit for these numbers.
Can someone throw some light on how to file F&O transactions in IT return without going through the audit process?
Dip Mitra
When I tried to report it in my IT return for fy 12-13 (I have house rent, interest from securities etc as other income) to carry forward the loss for future years, the intermediary site through which I submit my return electronically stated that the F & O transactions needed to be audited (section 44 AB) as I was showing less than 8% profit.
I have about 25 transactions in the year and a small loss of about Rs 20K. It seems a total waste of time to have to have a tax audit for these numbers.
Can someone throw some light on how to file F&O transactions in IT return without going through the audit process?
Dip Mitra