whether audit u/s 44AB is required?

consider profit and loss for calculation of 40 lakhs

HI Bro,

In case of a day trader/speculator - 

Para 5.11(a) of ICAI Guidance Note – sum total of differences, whether positive or negative

Eg- Profit = 40 Lacs

        Loss = 25 Lacs 

Net Profit = 15 Lacs

Tax Audit will be required since turnover in this case will be Rs. 40+25 = 65 Lacs

Yes turnover in case of speculative transactions is the sum of positive and negative differences during the year and not the actual sale made during the year.

Thank u everyone...