Hello , please help me out, trading turnover is showing 40 lakhs, and my profit is 1.2 lakhs , apart this i have salary income of 80000
so audit is required or not as profit is falling below 8% of turnover, waiting for early response as 31st July is approaching near.
Yes you need an audit.
But to prevent audit just show 6% of your turnover that is 240000 as profit .
Is the turnover Equity then , it can be under Capital Gains , so there wont be Audit and if under F & O check the working of turnover for Audit again. You need to have 6% of turnover to avoid Audit.