Hi ! I am a Salaried Employee with Salary Income of Rs 21 Lakhs. I have been dealing in F&O Trades where the Turn over is Rs 18 Lakhs and Loss is Rs 1.8 Lakhs for AY 2011-12. I have STCG of Rs 20000 by way of short term sales of Shares and other Income of Rs 12000 by of Interest on Bank FDs. I have doen e filing for previous years and has Carry Forward Losses. I have not done Auditing of my accounts for previous years. However, my accounts are maintained as these are done online.
Now My query is, Shall I have to do Audit for AY 2011-12 under new rules for 44AD as the income declared is less than 8%?
I will be filing ITR 4 E returns and require clarity whether Audit of Accounts are required or not ?