Sir, please guide me if Audit is compulsory for individual IT returns in below mentioned case:
Gross Salary income is 6 Lacs
Taxable Income after deduction is 4 lacs (no Tax payable)
Options trading turnover is 2 crores.
Options trading loss is 2 Lacs.
I get confusing results in search from different sites:
1) some say option trading turnover above 1 crore means Audit, some say from AY 21-22 trunover limit for Audit is above 5 crores in case of options trading.
2) some say because you have gross income 6 lacs, which is above thresh hold IT limit, so you have to go for Audit, some say your actual Total taxable income is 4 lacs, which is below thresh hold IT limit so you don't have to do audit.
Please guide me if I can file returns without audit, also whether I can show & carry forward option trading loss of 2 lacs in IT returns.
Regards
Manoj Punjabi
CAclubindia
