Hi all
I know this question likely gets posted multiple times but I’m struggling to get a straight answer.
I have done intraday and F&O trading in the past year with a turnover of 12k and a net loss of 1.5k. I also. have salary income and as per quicko’s audit recommendation I have to undergo audit under section 44AB
I want to avoid this audit as the loss amount is minuscule compared to the cost of an audit. To do that is it just sufficient if I declare 6% of turnover as profit? My turnover is ~12k so can I enter 720 INR as profit here and proceed with filing the return? Can I enter the profit number here?
I’d be extremely grateful if someone could help out with this.
