in the FY 2017-18, I had a turnover of rs. 38000 for speculative/intraday & rs. 200000 for delivery equity. I had a loss of rs 1800 on intraday & profit of 1834 in delivery. After all the charges my overall loss is rs. 9700. Do I need to get audited as I read that if you incur loss then you have to get audited even if turnover is less than rs. 2 crores. I dont have any other income so my taxable amount is currently 0.
1 Like
Same confusion here also
Intraday. -3,431.9,.
Short term - 2,093.65. Charges 932.53
F&O. +6,825.94. Charges 3,709.66
Turnover ,<1cr
Please help in this
An audit is required if you have a business income and if your business turnover is more than Rs 1 crore for a financial year. In case of digital transactions (equity transactions are 100% digital), this turnover limit is Rs 2 crores. For equity traders, an audit is also required as per section 44AD in cases where turnover is less than Rs.2 Crores but profits are lesser than 6% of the turnover and total income is above minimum exemption limit.
You don’t need an audit since your total taxable income is zero.
1 Like