Comment on Tradetax for income tax returns when trading

AYYAJ PATEL commented on 28 Jul 2016, 11:48 AM

Hi, I went through this thread and what I understood is that in FNO, if we incur loss and if we have taxable income from other sources (like salary/business), we have to file ITR4 and audit becomes compulsory where cost of audit is again an additional cost and it is too high as well.
I have small query. If I have Gross salary income Rs. 10 lac and FNO Turnover of Rs. 3 Lac and Loss in FNO of suppose Rs. 1 Lac.
Now if we consider my only FNO Turnover and the loss incurred, I have to go for an audit. But is there any way that I can show my salary income (Rs. 10 Lac) + my FNO Turnover (Rs. 3 Lac) as my total turnover (Rs. 13 Lac) and show profit total of my salary income (Rs. 10 Lac) + FNO Loss (Rs. 1 Lack). In this case my total turn over will be Rs. 13 Lac and my total profit will be Rs 9 Lac. This way, I do not have to go for an audit.
Is it possible?
In simple words, I am trying to put my salary income in turnover as well as in profit to increase my profitability to push it more than 8% to avoid the audit. Is it allowed?

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