is tax audit mandatory if turnover from futures and options trading is below 1 cr and we have losses of about 6 lakh.
total income excluding f&o is 4 lakh from other sources and no other source of income.
is itr also mandatory to file?
Tax audit not mandatory, unless presumptive assessment u/s. 44AD opted in any preceding five years.
ITR filing mandatory.
If you declare income @ 6% of turnover u/s 44 AD then no need of audit.
However if you want to declare loss, you are compulsorily required to go for audit
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
