Regarding ITR filing

Have any one done FNO and still filed ITR 1?

Was the return processed.

I have a mere turnover of 10L and loss . I had to go for tax audit.but what happens if I file IT1and do not mention that loss?

Any suggestions??

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It is advisable to file the correct ITR and govt is more concern about you profits not loss. You can file ITR 1 but then you can't carry forward your losses. I will suggest to file ITR 2 and confirm once to a CA.

@infy - it can be shown as STCG losses.

Fill ITR form 3, if you any other income there you have to mention loss or profit ex:- share market, Dividends, Mutual funds etc. If loss then you can gain tax exemption for next year, if profit then you have to pay tax. For more information it's best to visit YouTube and check out there.

For this year also get it audited, 10k charge for auditing is not much if you compare it to problem arrives if you do any mistake during ITR filing.

Don't do it. You'll get in trouble. All the information is already available in AIS so it's easy to detect mismatch.

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