Salary 15 lakh
F & O turnover 30 lakh
F & O Profit 70000
Short term capital gain 10000
Do I need to do tax audit if I am filing my F & O details first time in ITR ??
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Applicability of tax audit F N O
Replies (5)
No need of Tax audit u/s. 44AB IT act, in above case.
Thank you sir
You are welcome.
In case of profit no tax audit required
As per the provisions of the Income Tax Act, if your turnover from F&O trading exceeds Rs. 1 crore during the financial year, you are required to get your accounts audited by a chartered accountant.
In your case, since your F&O turnover is Rs. 30 lakh, which is below the threshold of Rs. 1 crore, you are not required to undergo a tax audit solely based on F&O turnover.
To learn more about Individual Equity F&O Traders click here
For more detailed information, visit Swipe Blogs.
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