A person is dealing in Shares and stocks as a trader (which is not his main business activity). His turn over from the share activity exceeds Rs. 40 Lakhs during the financial year 2009-2010. But his net profit from such activity does not exceeds the net taxable limit. i.e his net income is below 1.6 lakhs (say Rs. 50,000/-). His net income from his main business activity is also below taxable (again say Rs. 50,000/-).Then:
1. Will he be required to file an Income tax Return?
2. Will he have to furnish a tax audit report?
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