Tax audit requirement for derivatives trading ( budget 2020) increased?

[Quicko]

@Vinay_S

ITR is nothing but reporting of your yearly incomes and losses. Hence you should report actual profit and loss from trading while filing ITR.

[trader_dude]

@Quicko

Can you describe why audit is required for traders?

Is there possibility to do frauds in our business? Since everything is electronic, there is nothing really to hide in our business. So why this audit is necessary for traders?

[Vinay_S]

Actually Gov’t should bring some changes like profit or loss just pull out report attach in itr 3 file it.done

[Quicko]

@trader_dude

@Quicko

Can you describe why audit is required for traders?

Is there possibility to do frauds in our business? Since everything is electronic, there is nothing really to hide in our business. So why this audit is necessary for traders?

@trader_dude

Audit applicability is determined as per Section 44AB and 44AD of the Income Tax Act. Hence unless the sections get amended by Finance Ministry, audit applicability will be present in case of traders.