Audit applicablity for f & o trading

 Provision of Income tax apply when trader  would be requried to prepare normal books of accounts under section 44AA of the income tax act , Moreover if  the turn over is more than 1Crore or if the profit is less than 8% taxpayer would requried to get accounts Audited  under section 44AB of the income tax act and for each year which the turnover exceeds 1 Crore .

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If the person is trading and showing it as business income then only audit would be applicable. If the person is showing it as investment then audit is not applicable. The word turnover signifies only buisness income.