Tax Audit for F&O Loss less than 1 Lakh and Turnover is less than 1 Crore

This discussion addresses the mandatory tax audit requirements for individuals with F&O losses under £1 lakh and turnover below £1 crore. Participants debate whether an audit is necessary, with one view suggesting it's not mandatory if the taxpayer hasn't opted out of Section 44AD in the last five years. The core question is whether a tax audit is compulsory given these specific financial figures.