Requirements of tax audit

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1 Points Posted on 06 October 2022
Hi,

I am trading on my demat account. I already filed an income tax return. Presently I am getting an e-mail saying that i need to file an audit report.

please clarify.
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On 06 October 2022 at 23:03 Report
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If you've received an email requesting an audit report for your demat account trading, it's important to understand the requirements. Trading in F&O is generally considered a business activity by the income tax department. A tax audit typically becomes mandatory if your trading turnover exceeds 10 crores. For specific advice tailored to your situation, especially regarding equity versus derivatives trading, consulting a practising Chartered Accountant is highly recommended.

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790 Points Posted on 07 October 2022
Trading in FnO is considered a business as per income tax. Tax audit is required if the turnover is more than 10 crores. Kindly check the same and consult a practising CA nearby for advice.
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On 07 October 2022 at 10:20
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CFO- at NHTF
58280 Points Posted on 07 October 2022
Can you tell me the trading instrument ( Equity or derivatives) ?
3 Reply
On 07 October 2022 at 11:18

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