Question about tax audit

Suppose my options trading turnover is around 55 lac, i have profit around 80000 rupees excluding charges, last financial year loss in options is around 86000… Is audit applicable on me???

The audit calculator tool is suggesting no

Use quicko if you unaware about that , you will get to know whether tax audit is required or not.

As per business gross sale should be more than 10lac and 1.2lac profit and if OP gross income is more than 2.5 lac( including salary, business, other ) then it required to have tax audit. Presumptive Income have different audit rule

if gross income after setting off a loss is less than 2.5 lac???

Sorry for inconvenience, as I cross checked in the source file there is 5crore of turnover , but if gross income is more than 2.5 lac for individual case and 1.2 lac from buisness or 10lac gross sale in that case you have to have books of account which will help AO for cross checking. So you can make ITR calculation, capital account and balance sheet using quicko by filing from there and under review section you will see itr computation. Also if you fall under books of account you have to maintain all trading activity under speculative, non speculative as well as delivery trades if sold in FY. You have to maintain direct expense (stt , brokerage,etc ) on each worksheet. Also these activity should be summarised in another sheet.

Even you are still doubtful, you have to use quicko once atleast and feel free to reply

Also that filling with quicko is faster than login to itr website and fill all detail one by one, as quicko use to edit json file for better the process for filling itr.