Tax audit req under section 44ab for trading (shares & optio

Hello,

From what I have read tax audit under Section 44AB is required if the total sales, turnover or gross receipts exceed 60 lakhs in the case of business and gross receipts. Are there any other conditions as well.

My query runs as follows -

1. Is the tax audit mandatory if you are showing losses in Futures and Options trading even if turnover / gross receipts does not exceed60 lacs.

1. Yes, if your GTI is above exemption limit

2. In case of speculative trading which is intraday trading, how is the turnover calculated. Is it the total price of shares sold or the sum total of absolute value of profit and losses from intraday trading. In case it is prices of shares sold, then it could easily run  over60 lacs.

Turnover is calculated as the total price of shares.

Kindly clarify.

Thanks for the quick reply. Please clarify a couple of points.

Regarding Pt 1 - when you say GTI are you referring to turnover?

Regarding Pt 2:

I had come across teh following link earlier which was causing doubt.

https://taxworry.com/what-is-the-basis-for-determining-turnover-in-case-of-speculation/

So the case mentioned there as mentioned below does not hold true for computing turnover - 

if you are involved in Day Trading, i.e you are squaring off of the share deal same day, the contract value is not taken for the purpose of turnover, but the differential shall be taken for the purpose of turnover.