Hello @nithin and other fellow traders,
I checked the Q Backoffice -> Reports -> Tax P&L.
As I trade both equities and options, it is showing the turnover numbers for “SHORT TERM TURNOVER”
and for “OPTIONS TURNOVER”.
Please could you help with the following:
What are the necessary thresholds for the above two numbers that require an individual like me to go for audit?
For e.g., I heard that OPTIONS TURNOVER if above 1 Crore needs tax audit…(not sure about SHORT TERM TURNOVER threshold)…Can you pls confirm the precise values for both these?
What is needed for tax audit? Like, I suppose I need to approach a CA with a printout of this tax report, and what should I expect the CA to do - like does he verify and stamp the report that I need to scan and upload on incometaxindia website?
As tax-filing deadline is approaching, your prompt response will be really helpfull.