I have occuered loss of 4 lakh in option trading. My total turnover is 14 lakhs. Is it necessary to do audit in this case
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Audit required
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In India, for tax purposes, if your total turnover from trading (including options) exceeds Rs.10 lakhs in a financial year, you're required to get your accounts audited by a chartered accountant as per Section 44AB of the income tax act.
Your total turnover is Rs.14 lakhs., which i above the Rs.10 lakhs threshold, an audit is necessary in this case.
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