Share trading loss

This query is : Resolved

Pankaj Gupta (Querist)
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30 July 2019 Sir,
My total loss from Intra day trading & F & O transaction during FA 2018-19 is Rs.1.70 lac. My total share turnover is Rs.13 lac.

Not eligible for Tax Audit as total turnover is less than Rs.2 crore.
I am having Demat Statement & Shares Intra day trading & F&O statement .

My querry is whether i am required to get accounts audited as income from shares is lower than presumptive rate. Is there any way by which i can escape tax audit on ground of income lower than presumtive rate.

My other income is from salary .

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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31 July 2019 You can escape from tax audit on ground of income lower than presumptive rate provided your income is below taxable threshold.

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