Need of audit for a stock trader

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23 Points Posted on 16 February 2016

I have been told by my CA that if my total turnover of stocks is more than 60 Lacs, I have to get quarterly audit done.

Now if anyone buys and sells only 6 stock futures in an year, the total turnover exceeds 60 Lacs. Does that mean he gets eligible for maintaining books of account and get them audited every quarter?

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On 16 February 2016 at 17:39 Report
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Sr. Accounts Executive
22 Points Posted on 16 February 2016
in case of f&o.if total net position ie.sum of all profit & loss of exceed 1cr. then audit applicable. in case of speculation & trading in shares....purchase/sales is to be checked
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On 16 February 2016 at 18:51
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23 Points Posted on 16 February 2016

What about a case where profit is less than 8% and turnover is less than 1Cr.

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On 16 February 2016 at 19:05

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