Intraday and F&O Loss Tax Audit applicability

Hello Quicko Team,

I am Salaried Individual. My Annual salary is greater than 250000.

I also do Intraday and F&O Trading. I have suffered following losses for FY 2020-2021:

Speculative (Intraday Trading Loss) : 15085
Turnover : 86537

Non-Speculative (F&O Trading Loss) : 65892
Turnover : 315918

Overall Loss is around 20% of total Turnover.

I have read various articles regarding Tax Audit but I am not sure about Tax Audit is required or not

Do I need to get Tax Audit done ?

Thanks in advance for your response.

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Since your income is greater than basic exemption limit of 2.5 lacs and you have incurred losses from trading, you will have to get a tax audit done.

Hope this helps. :slight_smile: