In the assessment year 2023-24, my Futures and Options(F&O) total turnover is around 56 lakh, and I have realized a profit of 10,000 rupees. Given that my profit is below 6% of the turnover and my total income exceeds 15 lakh rupees, is it necessary for me to undergo an audit?
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Query regarding Audit on F&O Trade
Replies (4)
No. not mandatory if not opted out of section 44AD in any of the preceding FIVE years.
This is the first time - I am dealing with F&O and I have not availed sec 44AD in the last 5 years.
Does this means, I need to undergo an Audit ?
I got answer in the following thread:
https://www.caclubindia.com/experts/details.asp?mod_id=2853079
Thank you so much sir :)
You are welcome.
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