Is tax audit appplicable

Asking for a friend…
Salary is around 2.55 lac after deductions
F&O turnover is around 25 lac
& profit is around 57000

Please help its urgent

Not required. Just maintain books and file returns.

In quicko its showing tax applicable thats why i am confused, profit is less than 6%

Hi @rawgamingstar

Audit applicability chart on Quicko is recommended assuming that you have opted into Presumptive Taxation Scheme in any of the previous financial years and opted out in any of the succeeding 5 assessment years.

If that is not the case, then you can opt out of Tax Audit and file your return. You can read more about Tax Audit Applicability : Help Center

Not sure why. I told you as per the Act.

Edit: They replied before I did. So you got an answer.

Didn’t opted for it… So in that case the audit is not applicable

No, audit is not applicable in that case @rawgamingstar