Is a Tax Audit required if the net income (salary + trading) is over 50 lakhs?

Taxation
1

Is a Tax Audit required if the total net income (salary + intraday and derivative trading+ capital gains) is over 50 lakhs?
Total turnover is less than 2 crores

@Quicko

2

Hi @Jack_R

Tax Audit is applicable to persons having “Income from Business & Profession”.

Tax Audit under Sec 44AB(a) is applicable if the turnover of the business exceeds â‚ą 2 crores irrespective of the profit or loss under the regular taxation scheme.

Moreover, salary income shall be taxed separately.

Both incomes shall be taxed at the slab rate depending upon the regime chosen.

Read more about Tax Audit under Section 44AB of Income Tax Act - Learn by Quicko

3

@Quicko Team kindly make a new thread for asking questions about taxation this season. Since there is also the introduction of New scheme lots of people will have doubt.

4

Hi @GoutamHebbar

Here’s the new thread created.

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