When is audit required?

Taxation
1

I have turnover <1cr and only Intra-day/Speculative and Short-term losses , do i still need to get audited ? (salaried , income of 10L)

2

@Quicko can you.

3

If you want to report losses fo carry forwarding, tax audit will be needed since income is exceeding the basic threshold.

For more details you may reach out at [email protected].

Thanks

4

Hi cailajindal,
Thanks for the reply.

Do i still need an audit if Salary -Losses < 5L ?

5

Above losses cannot be set off from salary income. However, if you don’t want tax audit, you may file your taxes under presumptive income by paying the higher tax basis your turnover & without carry forwarding of your losses. Hence, one can go for tax audit as it is not so much complicated as we think.

Thanks

6

Yes , I understand i can’t set off against my salary income ; i was wondering if there is scenario to avoid audit since turnover is around 5L.
Correct me if i’m wrong , going by your suggestion i would need to pay 8% on 5L , if i want to skip audit ?

Will there be any issue if i do not report(declare) losses/trade activities (since there are no profits booked) and simply file ITR1 ?

Thanks.