Hi @Quicko My F&O income is 3 Lacs and my turnover is 1.5 Cr. Do i need to do audit or i can pay tax for 3 Lacs income without any audit.
Audit is turnover-based when it comes to F&O. Till 10 crores, there is no need of any audit.
Hi @amitpathak25 ,
You do not need to get a tax audit done as it is applicable to taxpayer’s whose business turnover crosses ₹10 crore.
The business turnover shall include all your businesses including f&o (equity) , intraday, currency, commodities, any other businesses as well.
If its below ₹10 crore then you just need to file your ITR before 31st July, 2025 and pay the taxes.
Turnover limit for audit is changed this year ? from 2 cr to 10 cr this year?
I think this change happened 4-5 years ago. Yes the limit is 10 crores now for F&O audit applicability based on Turnover