Audit is required or Not

Taxation
1

I am Government Employee with annual salary of 4lac
My Trading Details are as Below

Equity Cash
INTRADAY PROFIT ₹-2000
INTRADAY TURNOVER ₹4,367.45

SHORT TERM PROFIT ₹-26000
SHORT TERM TURNOVER ₹10,32,251.60

Future and Options
TOTAL PROFIT ₹-24000
TOTAL TURNOVER ₹2,51,757.90

Commodity
TOTAL PROFIT ₹-73000
TOTAL TURNOVER ₹1,46,465.50

SO My overall Loss including all Tradings is ** -121000**

So my Taxable Income is = 4lac-1.21lac= 279000
Also I taken laptop for trading worth 40000 so after deducting its cost
Total income goes to 239000 which is under taxslab of 2.5lac

So my question is should i need to get audited for tax return

Can i fill my own Tax return using Cleartax

2

One thing I know is, "You cannot deduct losses directly from your salary. Only thing you can do is carry forward loss. For Salary, you have to pay taxes and more importantly, Govt Employees are prohibited from speculative trading (Intraday/F&O, Frequent buying and selling) as per CDA Rules

3

Suggest you to go through this module

You will need an audit and no, you will not be able to setoff salary with trading loss.

4

If your income other than trading loss crosses 2.5 lac you need to get books audited & file the return.