Fno trading audit requirement

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If your Futures and Options (FNO) trading turnover is less than ₹1 crore and you've incurred a loss, you generally won't need a tax audit to claim that loss in the future. This is particularly relevant if you also operate a proprietorship firm and file under Section 44AD. However, it's important to clarify whether your Section 44AD turnover is separate from your FNO turnover, as your total business turnover might influence audit requirements.

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(Querist)
09 April 2024 My fno turnover is less than 1 crore and i have made a loss,i also have proprietorship firm for which i file under sec 44AD presumptive income.is audit mandatory to claim loss next year
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
10 April 2024 Turnover less than 1 crore audit not required.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
10 April 2024 i believe your turnover under 44AD is in addition to F&O turnover. Can you indicate your total turnover.
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