Hi @Vj1289, you can use the Quicko Tax Audit applicability calculator to understand your personalised situation and how you should optimize it.
You can also refer to the following article to understand how tax audit applicability works.
If there’s any other clarification required, shall be glad to help. 
Hi Yash,
The tool is not moving to the final step: the result. Can you please with this?
I am having taxable salary of 4.9L .
I am having losses around 1.5L from F&O
Do i need to go for tax audit ?
If, so can you help me in this regard
Hey @K_S, we are taking a look at it, and we’ll update here as soon as the error has been rectified.
Hi @Lokesh_Sai_Kumar, you can refer to the previous answers and check how tax audit applicability works. If there’s anything else that you need help with, would love to help.
Hi @K_S, thank you for bringing this to our notice. We are fixing that tool at the moment and will update it here as soon as we are done. Till that time you can also refer to the this table to understand your tax audit applicability.
Income from Business
| Turnover | Profit >= 6% | Profit < 6% (Including Loss) | Cash Payments > 5% | Cash Receipts > 5% |
|---|---|---|---|---|
| Upto 25 Lakhs | Not Applicable | Applicable | Not Applicable | Not Applicable |
| 25 Lakhs to 1 Cr | Not Applicable | Applicable | Not Applicable | Not Applicable |
| 1 Cr to 2 Cr | Not Applicable | Applicable | Applicable | Applicable |
| 2 Cr to 10 Cr | Not Applicable | Not Applicable | Applicable | Applicable |
| Above 10 Cr | Applicable | Applicable | Applicable | Applicable |
Income from Profession
| Turnover | Profit >= 50% | Profit < 50% (Including Loss) |
|---|---|---|
| Below 1.5 Lakhs | Not Applicable | Applicable |
| 1.5 Lakhs to 50 Lakhs | Not Applicable | Applicable |
| Above 50 Lakhs | Applicable | Applicable |
Team, this table is obvious but if I used section 44AD presumptive income for last 3 years and from now on I do NOT want to use it hence want to come out of the presumptive income section going forward, can I still avoid audit as long as my turnover is between 2 crores and 9 crores ?? Please confirm this.
1 CA said that I need to necessarily use 44AD for 6 years before coming out hence I need tax audit. Please clarify if this correct ?? If this is correct, your above table does not cover this scenario. Also, ur tax audit tool is not working even now.
Regards
hi,
I have some loss in f&o,
but I want to show it as minor profit and my all total income is also below 2.5L, so i will not required audit, right?
can I show it as profit instead of loss ?
@Yash_Kaviya @TeamQuicko @Nireka @Maharshi_Shah pls reply ASAP
Hi @kp3, you should be reporting trades as per actual transactions. It is not recommended that you change the details of the trade.
yes, but just want to know legally its allowed or not?
is there any provision that doesn’t allow to report less loss(especially for trading)?
@Yash_Kaviya can you answer?
Hello,
I have below query for AY 2021-22
I have 5 lakh salary income as my main source of income.
Short Term and Long Term Capital Loss around 1 lakh from Mutual Funds and Listed Stocks
Brought Forward Long Term Capital Loss from Previous Year
Rs 500 Intraday Turnover which is also Rs 500 Intraday Loss
Is ITR 3 or ITR 4 Applicable in this case
Intraday Loss of Rs 500 should be shown under Business Income or Presumptive Income and under which section it falls and which ITR it is to be filed.
Is Tax Audit applicable for this small amount of Intraday turnover.
Thank you for your help.
Regards,
Akash
Hi,
How about this case:
The turnover in FnO is 1.5cr and loss 4lakhs and taxable income more than 2.5 lakhs.
This is way below the 10cr limit also I have not spent more than 5% on any transaction.
How will the audit be applicable pls clarify.
Hi,
How about this case:
The turnover in FnO is 1.5cr and loss 4lakhs and taxable income more than 2.5 lakhs.
This is way below the 10cr limit also I have not spent more than 5% on any transaction.
How will the audit be applicable pls clarify.
I am not able to understand this 1-2 Cr slab when there is a loss for a salaried person.
I am being advised to get the Tax Audit done by @TeamQuicko, because of my F&O turnover of around 1.4 cr Rs.
What is the process to get it done?
How much time does a CA takes to do this?
What is the usual fees asked by a CA to do this?
Please suggest if I can reach CA online from any platform.
Thank You
Hi,
How about this case:
The turnover in FnO is 1.5cr and loss 4lakhs and taxable income more than 2.5 lakhs.
This is way below the 10cr limit also I have not spent more than 5% on any transaction.
How will the audit be applicable pls clarify.
This depends on lot of factors very confusing.
I am no expert, but I have been investing some time on Quicko. In there I can see following table to determine whether tax is applicable or not :
So, basically your case is same as me, you also have a turnover between 1-2 Cr. and have a loss (which is less than 6% of turnover).
Afters hours of research found this.
1.If you are a Fno trader classifying this income under business for a salaried person. The limit has been increased to 10Cr provided you don’t make any cash transactions >=5%.
Only turnover more than 10cr you will need an audit(should not have opted for sec 44ad presumptive tax scheme for last 5 years).
In this case you make a loss then you have to go for audit - also the turnover should be less than 2Cr - here the audit is applicable.
Also that your net income if is more than 2.5 LPA and you opted for presumptive tax scheme then audit is applicable.
If your net income is more than 2.5LPA but you have not opted for presumptive scheme and have incurred loss then just file ITR-3 - NO need for audit until 10Cr limit. You can carry forward and set off losses.
The only catch here is don’t opt for the 44AD until you make 6-8% returns on fno for 5 years consistently.
If you make a loss the next year and turnover is less than 2 cr then you have to get the audit done.
For business income less than 400cr the tax are also less. So don’t fall in trap of 44d if you are making losses.
Hope we can end this thread here.!
Screenshot_2021-12-29-02-45-24-250_com.android.chrome|230x500
Look at the above screenshot hope this clears the doubts.
