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Is taxaudit is required for intraday and f & o trading ?

This query is : Resolved 
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(Querist)
01 May 2016 Assuming assesee is having income and does even Do intra day trading and actively does F &O, , that makes transactions amount or turnover amount to go in crores of rupees , but earns in thosuands, Net income thus becomes around +5 lacs , Is he required to Go for IT Tax AUDIT, ?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
02 May 2016 If the ABSOLUTE VALUE of F & O transactions exceeds 1 crore, tax audit becomes mandatory.
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S S Dahale

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S S Dahale (Querist)
02 May 2016 I hope absolute value in F & O transactions means , either sum of all profits and losses in F & O sector or anything else other than it .
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
02 May 2016 Nothing more than that.
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