Audit - F&O - AY 24-25

Taxation
1

Hi,

For FY 23-24 (AY 24-25)
I have F&O business income.

Turnover - Rs. 26,50,000
Profit - Rs. 36,000 (Less than 6%)

  1. Do I need to get audit done if I want to declare profit below 6%?
  2. Do I need to maintain book of accounts?

Thanks

@Quicko

1 Like
2

Hey @Ankur27,

If you are declaring your F&O losses as regular business income, you’ll have to maintain books of accounts. However, the turnover limit for audit is ₹10Cr and as your turnover is below this, a tax audit is not mandatory.

3

I do not have losses but have profit that is less than 6% of turnover.

4

Hi @Ankur27,

For F&O businesses, the applicability of a tax audit depends only on your trading turnover regardless of your profit or loss. If your turnover is within the limits, a tax audit is not mandatory.