Salary 15 lakh
F & O turnover 30 lakh
F & O Profit 70000
Short term capital gain 10000
Do I need to do tax audit if I am filing my F & O details first time in ITR ??
No need of Tax audit u/s. 44AB IT act, in above case.
5 Replies
B Durga Prasad
(Student)
(175 Points)
Replied 20 June 2023
As per the provisions of the Income Tax Act, if your turnover from F&O trading exceeds Rs. 1 crore during the financial year, you are required to get your accounts audited by a chartered accountant.
In your case, since your F&O turnover is Rs. 30 lakh, which is below the threshold of Rs. 1 crore, you are not required to undergo a tax audit solely based on F&O turnover.
To learn more about Individual Equity F&O Traders click here
For more detailed information, visit Swipe Blogs.
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