- If I am an intraday trader, so if my turnover is below 2 cr and my salary income is more than basic exemption limit > 2.5lpa. But in the financial year I made loss in intraday of -200 and turnover was 2000 then will I get Tax Audit?
- As far I am aware of intraday is a speculative business income so section 44ad is not applicable for this right? Please correct me if I am wrong.
Please clarify my doubts.
Thank you @Quicko
@Quicko , can you please help here
Hey @shubham_trader_2001 ,
Tax audit is applicable to a business when it’s turnover is ₹10 crore or above. Business turnover is a sum of turnover of intraday, futures and options. In case you are doing any other business the revenue from the same should also be added.
In your case since your income is above the basic exemption limit, you need to file the ITR but since the turnover is below ₹10 crore, there is no requirement of tax audit.
Hope this clears your doubt!
Okay @Quicko , Thank you for clearing my doubt
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