Tax audit and itr
Querist : Anonymous
I am a intraday trader of shares and employee.i trade daily i.e 95% intraday.all sale amounts of intraday crossed 2 crores in the fy 2016-17.so it will required tax audit.and which ITR is required to submit..
Thanks in advance...
Querist : Anonymous
* As per **Section 44AB**, if your **gross turnover (sale + purchase)** exceeds ₹1 crore (₹2 crore limit is for other businesses), tax audit is **mandatory**.
* In case of intraday trading, **turnover means total of absolute profits and losses or total of all sales and purchases** depending on the method you use for calculating turnover.
* Since your **sale amount crossed ₹2 crore**, tax audit **is applicable**.
**Which ITR to file?**
* Use **ITR-3** (since you have income from business/profession, i.e., trading).
**Summary:**
* Tax audit: Yes, required.
* ITR form: ITR-3.
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