ITR audit rquire or not

Taxation
1

If total buy value 85 lac
Sell value 85. 3 lac
Total trade value 1.73 cr
TURN over intraday 30 k
Net profit 24 k

Is i require the audit
Is i have to file itr

@siva
@mohitmehra
@nithin
@Quicko

2

An audit is required if,

  • Turnover for the financial year is greater than ₹1 crore

  • If turnover less than ₹1 crore and profitability is less than 6% of turnover (Section 44 AB)

Also, check this for turnover calculations.

3

Based on your data, Tax Audit as per Income Tax Act is not applicable since the turnover is up to Rs. 1 Cr and profit is more than 6% of turnover
You can read more about tax audit applicability here - Section 44AB: Tax Audit under Income Tax Act - Learn by Quicko

4

@Quicko I think turnover limit for business having transactions involving bank transfers have a limit of 2 crores.Right

5

If the trading turnover exceeds Rs. 2 Cr, tax audit is mandatory. However, if the turnover is less than Rs. 2 Cr, The applicability of tax audit not only depends on trading turnover but also the profit percentage and whether income is above basic exemption limit.
You can read more about tax audit applicability here - Section 44AB: Tax Audit under Income Tax Act - Learn by Quicko