FNO Taxation query

My turnover for futures in F17-18 is less than 1 cr but i have a loss of around 3.5 lakhs , do i need to get my books audited to carry forward the loss


Darshan Kanabar

Yes as you have loss and the profit is less than 6% of your turnover you need to audit .

u need an audit if your total income is above 2.5lac(salary income or other income) if your income is less than 2.5lac than u don’t need audit