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Audit limit for Intraday Share trading

Tapas Samadder (254 Points)

07 April 2023

Sir, Pls. explain audit limit for intraday share trading, have also salary of Rs 10 lacs gross.

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Radhey Shyam Jha (Student) (1567 Points)
Replied 07 April 2023

If your intraday turnover is up to INR 2 crore then

Case 1: if your profit is at least 6% of trading turnover: tax audit shall not be applicable

Case 2: if your profit or loss is less than 6% of trading turnover: tax audit is applicable if your total income is more than the basic exemption limit i.e. INR 2.5 lakhs