Tax Audit for F&O

I have salary income of 15 lakhs and T/o of option is Rs.55 lakhs and net loss of Rs.15000 in option trading. Whether Tax Audit is required?
Replies (2)
Quick Summary
This discussion addresses whether a tax audit is required for an individual with a salary income of Rs 15 lakhs and a turnover of Rs 55 lakhs from option trading, resulting in a net loss of Rs 15,000. While generally an audit isn't needed if turnover is below Rs 1 crore, one response suggests it might be required if a 6% income isn't declared on the total turnover.

Tax audit is not required as turnover doesn't exceed 1cr.
Yes if you don't declare 6% income on total turnover

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