I've been filing my audit for making loss in F&O trading for the last 3 years. My salary is taxable and my turnover in F&O is less than 1 cr.
I never opted for presumptive income clause, and have been maintaining my books of accounts for F&O Trading.
This year, I am advised that under no section do I require to have an audit, but some of the online tax filing websites like cleartext and others have different opinion as can been seen from their example.
https://cleartax.in/s/fo-trader-return-filing
example 2
https://www.thegalacticadvisors.com/post/tax-audit-futures-options-fo
Can someone please help me understand if I do or do not require to do to audit under what section, if applicable.
Thank you.
CAclubindia
