Audit query derivatives options trading - Urgent reply requested, IT return last date is 31st Dec.

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

 

Replies (3)
Quick Summary
This discussion seeks urgent clarification on whether an IT audit is compulsory for an individual filing their tax return. The individual has a gross salary of 6 lakhs, taxable income of 4 lakhs (no tax payable), and options trading turnover of 2 crores with a loss of 2 lakhs. Conflicting information regarding turnover thresholds and income levels for mandatory audits has led to confusion, and the user needs guidance on filing without an audit and carrying forward trading losses.

NO PROBLEM TO REPLY, BUT YOU WILL GET MORE CONFUSED.

WHAT IS THE GUARANTEE THAT YOU WILL RELY UPON IT?

SO BETTER LEAVE IT TO FATE.....

Audit will be mandated
As a practice, in case of loss , professionals advise to get audit done.

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