For salaried person: If there is a loss on speculative and non-speculative investment and there is no capital gains from his investment, audit is required or not? Total taxable income from salary + losses from investment is less than 2.5 lacs and turnover is less than Rs 1 Cr.
If total income is less than Rs 2.5lks no need of an audit. Check this: http://zerodha.com/varsity/chapter/turnover-balance-sheet-and-pl/