NEED OF ITR 4 AND AUDIT INCASE OF LOSSES

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  1. Tar1985un

    Tar1985un New Member

    In case of a salaried person trading in derivatives for a very short period and incur only losses, is it mandatory to file ITR 4 and get the audit done even if she/he dont want to carry losses?

    Is it necessary to show losses in IT return? If somebody missed it, what could be the consequences?
     
  2. Chandrashekar M

    Chandrashekar M Active Member

    You have to file ITR-4 to show your losses. If the turnover is eligible to audit it has to be done. It is necessary to show losses in IT return, If you miss it you have to file a revised return.

    Chandrashekar
    http://incometaxdoubts.wordpress.com
     
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