Do I need to get audited my account?

I am a full time F&O Trader , I made a Loss of 9 lks last year. Trading Turnover is around 50lks

Do I need to audit my account (Bcos Turnover is below 2C)? or Just Filling Return is enough?

Anonymous Asked on July 17, 2017 in Taxations.
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1 Answer(s)

Dear Sir

Sec 44 AD where if your profits are less than 6% of turnover for other than case transactions and 8% in case of Cash transaction you need to get books audited if though you have not hit the turnover limit. The trading reports of the most of brokers are contract type rather than trade wise. When losses are substantial our view is to file the return with Audit.

Regards

TaxIQ Answered on July 18, 2017.
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