Urgent : Tax audit or not

M. N. JHA (CA) (8316 Points)

25 May 2010  
A person having income/loss from share market and the transaction are- 1. Total turnover equity was rs. 140000 on which his profit was rs. 30000 and loss of rs. 6500 i.e. Net profit of rs. 23500. 2. Total intraday turnover of rs. 14500 on which he suffer loss of rs. 1200. 3. Total turnover in f&o war rs. 1.35 crore on which his profit was rs. 445000 and loss of rs. 471000 i.e. Net loss of rs. 26000. Total loss during year was rs. 3700. I want to know in this situation tax audit is required or not ??? Pls must reply who have knowledge about it. Thanks in advance.