I am option trader and i want to know when audit is required

I am an option trader borrowed money and started trading, incidently i made huge loss , according to my options statement my Total tradewise options turnover with sell value - Rs.1,96,56,000 and loss is Rs.18 lakh, do i need go for audit or i can file the ITR, declaring capital loss??

Since your turnover is quite high, it is important to get an audit done. Also this way you can carry forward your losses, and set-off against any business profits and save taxes in the future. 

Suggest you to go through this module on taxation.