Audit requirement for FnO trading profit below 6%

Manoj Punjabi (Accountant) (208 Points)

23 July 2022  


FnO Turnover is 2 Lacs, FnO profit 2,000/= only. (FnO profit is below 6%), want to know if Tax audit is applicable due to this point.

Other income from salaries, rent & interest is around 10 lacs.

Last year Tax audit was applicable as FnO losses were there, all FnO losses were set off against other income from interest/rent, no c/f losses any.

Is Audit applicable now for FY 21-22 (AY 22-23)?

Please Guide.