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?
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.
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
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