Will declaring 8% profit instead of tax audit for intraday loss cause problem?

[muthukrishnan24]

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Tax Audit required if Salary Exceeds 10LPA and small FO loss?

Hi All, I’m in a bit of confusion.Plrase clarify this: Section 44AB Says this: “if turnover less than 1cr and profitability less than 8% tax audit is required.” So if anybody who made a small loss in FO has to go for tax audit? For example, 1 FO trade with loss of 10K. Total turnover 10K Profitability -10K (loss). This satisfies the rule above.Here profitability is less than 8% of turnover. Now since a person’s salary is above basic exception limit with 10 LPA and since he made loss in…

Edit: added correct link