Income tax on Future & Option Trading

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If you have a turnover of ₹3 crore in F&O trading and incurred a loss of ₹10 lakhs, alongside salary income, a tax audit is not mandatory. You can file your taxes normally under the 'Books Maintained' section, as all transactions are conducted via bank and not cash.

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(Querist)
10 July 2024 Sir,
If I made Turnover of 3cr in F&O and made loss of Rs. 10 Lakhs and only has Salary Income other than that. Is it mandatory to get Tax Audit or Should I file Normally. Since F&O And Salary both are through bank not Cash ?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
10 July 2024 Tax audit not applicable in your case. File under normal assessment (with Books Maintained).
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
26 August 2024 Good Luck.
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