Tax audit required : for salaried income + nse f&o

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 July 2014 Hi
I have salaried income of 10 LPA and NSE F&O turnover of around 8 LPA .

My Profit % of turnover is greater than 8 % .

My Question is do I need to get my Accounts audited by a CA before filling my return.

I am getting mixed opinions :

a) if your turnover exceeds 1 crore and your profit is less than 8% of turnover than only you need to audit your account.

b)if you want to claim losses and your other income(salaried income) exceeds slab rate(2 Lakhs) you are liable to audit

Is audit required in my case . How should I proceed with filing my return

Deepti Asawa

Deepti Asawa (Expert)

12 July 2014 No, you need not require tax audit.

CA Sanjeev Kumar

CA Sanjeev Kumar (Expert)

12 July 2014 tax audit is only for a person who is in business, and in your case, its not the case so no tax audit..

Nikhil Kaushik

Nikhil Kaushik (Expert)

31 July 2014 the audit is applicable in two conditions:

1. your turnover exceeds Rs 1 cr

2. your turnover is less than Rs 1 cr but profit % is less than 8% (with total income exceeding Rs 2 lakhs)

in your case, audit wont be applicable.

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