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Do I need a tax audit?

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Dr Suhas P Veetil

21 Points Posted on 12 June 2024

Hi,

I have done both intraday and short term trading in Zerodha. The essential figures are below. My question is if I need to do a tax audit or not ? In either case, what is the implication and how much tax I need to pay ? Please consider my losses carried forward from last year also.

Taxpnl Statement for Equity from 2023-04-01 to 2024-03-31

Realized Profit Breakdown

Intraday/Speculative profit	-249449.95
Short Term profit	978930.35
Long Term profit	0


Turnover Breakdown

Intraday/Speculative turnover	618094.15

Total Sell value of Intraday	125757637.4	(is it relevant?)

Loss from 22-23 year carried forward as follows:

Total Loss carried forward to future years	2,32,389(intraday0		3,66,615(short term)

Replies (5)

Quick Summary

This discussion addresses whether a tax audit is necessary for an individual who has engaged in both intraday and short-term trading through Zerodha. The user has provided their profit and loss figures, including carried-forward losses from the previous year. Based on the information shared, it appears a tax audit is not mandatory in this specific case, as the turnover and profit thresholds for a mandatory audit have not been met.