Regarding Audit

I have loss in last financial year 18-19 in intraday equity and F&0. Turnover is 8.5 Lakhs and Loss is 4K, salary income is under 20% tax bracket.
Should I get audited ??

What your accountant says if you have one ? I mean how often do you get audited in average in amount of few years for example. I would say if something less than that year passed it’s too early to order audit anyway. But let’s wait for more answers

I have the same situation my losses are around 4K but what I understand from varsity module is that if we do intraday and have losses audit is must since we are into speculative buying and selling which is a business. Business with loss must have audited.

It would be great if someone can help on what would be the procedure of getting this done for a first timer who is salaried guy like me.

Things like
Do we need to maintain any books or can it be done online like cleartax etc or some better option is there.
Do we need digital signature.
How to get audit done of books, can that be done online.

How much will all these cost. It would be of great help if someone who has done it already can detail out steps or online resources to get done. Thanks

Consulting Local CA / Accountant will be more feasible according to me. As it’s their job and proficiency.
Also, I think they will not charge much amount. Compared to Online Services. You can also consult your friend/family who might be in this profession. Or someone from your company’s finance department, etc.

When turnover is 8.5 lakhs there is no need to audit but profit or loss it is better to show them to IT department because one year when you make profit and show them there might be some issues ,profit/loss + salary means it is better to show Them like filed ITR 1 and ITR 2