Taxation on speculation trading

Taxation
1

For FY 2019-20
I have earn salary of Rs. 8Lac p.a. and i have incurred losses equity intraday (speculation ) of Rs. 66k and brokerage of rs. 22k and my turnover is 70k …whether tax audit is applicable or not me ??

2

@Quicko can you.

3

@Vast_Gupta

No tax audit is required as the turnover is below the threshold limit.

4

Hi @Vast_Gupta,

Tax audit is applicable when:

  1. Turnover is above the threshold
  2. Profit is less than 6% of the turnover

tax-audit-applicability-table-02-838x1024 (1)

You can use this tool to check if is tax audit is applicable to you