Income from speculation business in itr

1. In speculative transactions though the contract notes are issued for full value, the entries in the books of account are made only for the differences.
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2. Accordingly, the aggregate of both positive and negative differences is to be considered as the turnover of such transactions.
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3. Tax audit (sec. 44AB) applicability is based on turnover and not on profit.

Sir 

all the puchase and sales are intraday trading and not delivery based. still i required tax audit?

Dear Sai

As per the section 44AB if income tax if u have turnover of Rs 1 Cr then u r required to have tax audit. Here section tell abut TURNOVER not PROFIT.

So as per my understanding u r required to have tax audit under section 44AB.

Rahul

Tax audit is applicable only if the difference(profit or loss - absolute value) is > 1Cr. 

There might be some cell unfilled due to which error is shown. The ITR utility cannot by itself decide whether tax audit is applicable or not. You might need help of a CA/Tax return preparer to correctly fill the form.

Dear Rashi bajaj

yes , i need to consult tax return preparer.