Whether audit under income tax is required for loss on options trading? as profit declared is less than 6% and also turnover from options trading is just Rs.4L.
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Quick Summary
This discussion addresses whether an income tax audit is required for losses incurred from options trading. The key factors considered are the declared profit being less than 6% and the total turnover from options trading being below Rs. 4 Lakhs. The consensus suggests that a tax audit is not required if the turnover is below the threshold of Rs. 1 crore or Rs. 5 crore.