Krunal (Director) 23 March 2019
Do Audit Is Required For F&O ( Options Trade ) ??
My Turnover For Options Trade Is 1.14 Crs ( I.e Options Value * Qty ) And I Have Made loss Of 85,000 - 15,000 ( Profit From Delivery Treading ) Hence Loss Of 70,000/-
So Do I Need Audit? ( If Yes Then What Will It Cost ?)
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Rahul Rustagi (Student CA Final ) 23 March 2019
Nikhil Kaushik (Co-founder @ Graviky) 19 April 2019
the turnover is to be calculated as under:
1. Sell side of Options Plus
2. Absolute value of all profits and losses.
This should ideally lead to a much larger turnover in your case. Once you cross 1 cr turnover but still below 2 cr, the only option for avoiding audit is to declare presumptive profit under 44AD. So ideally go for the audit regardless of any other opinion as it would cost much less than presumptive profit taxation.