Audit require

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If your total income is ₹1 lakh from salary and you have an intraday trading loss of ₹10,000 with a turnover of ₹25,000, an audit might be required. Even if you don't wish to carry forward losses, the tax department may flag your transactions, especially if your trading activity is significantly higher than your margin. It's advisable to get your accounts audited as intraday losses fall under business income.

Susheel patil

Susheel patil (Querist)
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01 March 2020 I have total income only ₹ 1,00,000 (one lakh) from salary head and I have loss from intraday trading ₹ 10,000 (ten thousand) and my trading turnover ₹25,000 (twenty-five thousand) then I have audit is required. I don't want to carry forward my losses?

Shrikant Toshniwal

Shrikant Toshniwal (Expert)
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01 March 2020 No audit under IT

Eswar Reddy S

Eswar Reddy S (Expert)
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02 March 2020 It's not your wish to carry forward loss. You must submit true particularls.. As you know ,if you know intraday trade with 5*times to 20*times of your margin money.AIR will go IT dept.You would receive a notice from IT dept for sure. Since the intraday loss comes under business category.You must get your accounts audited