Audit for options trading turnover below 1 crore

Sir

Some one please guide me for Audit for options trading.

  • Turnover 50 lacs
  • Loss 2 Lacs
  • Gross Income only from Salary 6 lacs
  • Taxable Income after deductions 4 lacs

Q1) Is audit compulsory?

Q2) Can I show loss and c/f in Income Tax returns without audit.

Please guide.

Replies (3)
Quick Summary
This discussion addresses whether an audit is compulsory for options trading activities when the turnover is below 1 crore, specifically 50 lakhs in this case. The user, with a salary income and a loss from options trading, seeks clarification on reporting this loss and carrying it forward without a mandatory audit. The advice suggests that an audit is generally not required if Section 44AD was not declared in previous years.

Depends upon any declaration of the business income under sec. 44AD in preceding year/s.

Otherwise no audit.

Thank you Mr. Dhirajlal Rambhia for prompt reply.

in my case, no declaration of business under sec 44AD in preceding years, never ever, does it mean that no Audit is necessary & I can show loss in Income tax returns & c/f it without Audit, and file returns like normal returns before 31-12-2012.

Awaiting reply.

 

Date error, correct date is *31-12-2021

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