Loss from Futures & Options.

1. According to sec 44AB tax audit is mandatory if a person's gross receipts or T.O exceeds Rs. 1 crore during the PY. 
2. Trading in futures and options (F&O) will be a business and any gains or loss from the above business should be reported under the head PGBP. Hence, loss under this head will be carried forward u/s 72. 
3. Hence in your case, since your T.O is less than Rs. 1 crore Tax audit u/s 44AB will not be applicable for you. 
4. As far as the provisions are concerned there is no express section which says that audit needs to be carried out in order to claim the loss under F&O. The only condition that is required to be satisfied for carry forward of F&O is to file the IT return within the due date specified u/s 139(1). 
Please correct me if the above solution has an alternative view. 

1. Where the turnover is below one crore rupees, assessee chooses not to compute income undersub section (1) of section 44AD, shall get their accounts audited by virtue of clause of (e) of Section 44AB.
2. That is why in order to claim and carry forward losses audit is required.

1. Sec 44AD(4) is a condition clause which is read as follows,
" Where an eligible assessee declares profit for any previous year in accordance with the provisions of this section and he declares profit for any of the five assessment years relevant to the previous year succeeding such previous year, not in accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which the profit has not been declared in accordance with the provisions of sub-section (1)" 
2. So, assessee opting for presumptive taxation u/s 44AD(1) need to show the profit under this section for 5 AY succeeding the AY in which the option was opted. Any person who is failing to show the profit under sec 44AD(1) for 5 AY then this option will not be available for that person and he will need to carry out audit specified u/s 44AB(e). 
3. Sec 44AB(e) is inserted for people who are eligible for option u/s 44AD(1) but failed to satisfy the condition and becomes ineligible through u/s 44AD(4).
4. It is not as such he is required to get his accounts audited u/s 44AB(e) by virtue of sec 44AD(4). Only the person who fails to show profit u/s 44AD(4) will resort to sec 44AB(e). This is the point in the introduction of sec 44AB(e). 
Please correct me if the above interpretation has an alternative view.