In case of derivative

General
1

“Auditing is also mandatory if your turnover is either greater than ₹1 crore, or if your turnover is less than ₹1 crore but your profit is less than 8 per cent of your turnover,” in second condition  Is mandatory to audit for me? when i am in loss in derivative trading. and turnover is not 1 crore.

Which form I will fill ITR4 or ITR4S  ?

2

Yes, its mandatory even in the second case. If you are  trading on F&O, currency or commodity, you will need to get your books audited even if you make a loss, actually if your return is less than 8% of your turnover. 

Form to use: ITR 4.

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