What is the easiest way to find if tax audit is required ? and advanced tax payment?

Taxation
1

I was reading and I found on zerodha page that
The turnover is being calculated in console- just to determine if you need a tax audit or not.

I also found that turnover shown in trading ledger is different than income tax related turn over. So turnover shown under console tax PNL tab (and spreadsheet) is trading related turn over OR tax audit requirement related turn over?

So basically I want to figure out turnover for tax audit purpose .

@Quicko @Roopa @TAXIQ.IN @Sakshi_Shah

2

Yes, the turnover reflected in Console Tax PL report is tax audit requirement related turnover.
For options - Turnover is absolute profit plus selling premium
For futures - Turnover is absolute profit.

Try this for determining tax audit applicability after turnover calculation.

3

So we don’t have to calculate anything in that excel sheet ? for example on FNO sheet if it shows options turnover as Rs. 3 lac. which is sum total of options sell value plus absolute PNL. So that is what we consider and don’t have to add/substract anything from that correct?

Also on Equity page if it shows intraday/speculative turnover let’s say Rs. 25k and we don’t have to make any other calculation correct?

What about short term trades (delivery based)
I watched @quicko video and it shows we have to add total of short term trades (short term delivered based) sell value which is a majority amount in my case - but on tax PNL sheet it is not calculated so we have to manually calculate it or short term trades are not included in turnover calculation for income tax purpose because it is considered capital gains and not business income? @Quicko