Do I need Tax Audit

Hi, Zerodha

Taxable income from salary 3.8L

profit made from F&O - 39,214.5 INR Considering to declare as Business income non-speculative
scriptwise Turnover - 7,82,305 INR
Tradwise Turnover is 17,09,053 INR

Tax audit is mandatory or not for this case

can you help with this please

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Hi @Ramrohitaws143

Tax audit is applicable if you have a turnover of more than ₹10 crores in a year.

As it is 17 lacs in your case, tax audit will not be needed.

as my profit is less than 6 %

Hey @Ramrohitaws143,

No, an audit will not be applicable as your turnover does not exceed ₹10Cr.

whether i have to maintain books of accounts
@Quicko

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It’s not needed as per the law as long as turnover limits aren’t breached. Only if tax audit is applicable, maintenance of books becomes mandatory.

On a optional note, it is always a good practice to maintain accounts as it helps in discipline :slight_smile:

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@Quicko

I have freelance income below exemption limit. ( profit is more than 50%)
I have loss in FNO. ( turnover below 5 lacs.)

Do I need to audit ?

Audit is not needed as long as the turnover limit is below the limit of 10 crore

for freelance income limit is 50 lacs and profit should be more than 50%.
I want to file under presumptive taxation. but I have loss in FNO. so I want to know can I file RETURN with presumptive taxation for freelance income and general for FNO.

@Quicko

Hey,

Yes, you can report your income from freelancing under the presumptive taxation scheme and the F/O profits can be reported as regular business income. You will have to file ITR- 3 in this case.

Hope this helps!

there is a loss in FNO.

@Jason_Castelino - Hi @Jason_Castelino I have read u posts and replies across multiple threads.

Read somewhere that assist in filling ITR, can pls share details how to contact you.

Hey. Shared details in private.