Audit requirement for FnO trading profit below 6%

Sir

FnO Turnover is 2 Lacs, FnO profit 2,000/= only. (FnO profit is below 6%), want to know if Tax audit is applicable due to this point.

Other income from salaries, rent & interest is around 10 lacs.

Last year Tax audit was applicable as FnO losses were there, all FnO losses were set off against other income from interest/rent, no c/f losses any.

Is Audit applicable now for FY 21-22 (AY 22-23)?

Please Guide.

Replies (10)
Quick Summary
This discussion explores whether a tax audit is required for Futures & Options (FnO) trading when the profit is below 6% of the turnover. The user has an FnO turnover of £2 Lacs with a profit of £2,000, alongside other income of £10 Lacs. Last year, an audit was necessary due to FnO losses. The query is whether the low profit this year triggers an audit requirement, especially considering the total income exceeds the threshold for mandatory audits.

Yes applicable
Suppose if it was a loss still audit applicable?
If total income below 2.5 lakhs then no need to get your account audited.
Audit is not required. check your inbox I'll tell you how to deal with this case easily
Which inbox could you clarify

Sir

Which inbox are you talking about?

 check your inbox I'll tell you how to deal with this case easily. sir i did this part of your reply

Dear Akash Jain

Dear Harsha Bhat

Which inbox are you talking about?

I didn't get any messege in any inbox.

 

Call on nine seven six zero one zero zero three zero two
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