Future and option loss 13lakh on turnover of 30 lakh Tax audit applicable?

This discussion addresses whether a tax audit is required for a significant loss in futures and options trading (£13 lakh on a £30 lakh turnover). It clarifies that a tax audit isn't mandatory if presumptive taxation schemes like 44AD or 44ADA haven't been opted out of in the past five years. Losses can be carried forward without an audit, provided a balance sheet and trading account are filed.