Maintaining books of account & audit for a case

Abhishek Tuteja (34 Points)

26 July 2018  

Hi,

 

For the following case, is maintaining books of account and/or audit required. The person has income from F&O + Intraday trading, Salary, Interest, LTCG, STCG.

From F&O & Intraday as per brokerage statement, 

Turnover - Nearly 10 Lacs

Profit - Nearly 2 Lacs

Salary & other heads - Around 15 Lac.

ITR 3 is being filled with F&O /Intraday income shown as business income.

My thinking is that account book maintenance is not required as per Sec 44 AA as business income/profit is less than limits specified for individual tax payer.

Audit is also not required as profit is more than 8% of TO.

Income under other heads is not relevant for this case.

Can you pls validate this?

Will it be fine if we mark account books not maintained in form 3 and fill minimal information in Form 3 or all details of Balance Sheet and P&L will have to be filled?

Regards

Abhishek