@TeamQuicko @Quicko I have salary income of 11L and loses from FnO, my FnO turnover is 30L and loss is 93000, when i tried to file itr with quicko it said tax audit applicable, but it allows me to opt out of tax audit, so when quicko says that audit is applicable is it mandatory or will be better if available ? do i really need to get a tax audit, if so what will be the charges ?
and i also read from the same website (qna.tax), here Regarding ITR & Tax Audit for Salaried and F&O trading - #28 by nithin_h
If turnover is not exceeding 2 crores, Tax Audit is mandatory if tax payer fulfils all the below mentioned conditions:
The taxpayer has incurred a loss or the profit is less than 6% or 8% of Turnover / Sales and total income exceeds the basic exemption limit.
The taxpayer has opted for presumptive taxation scheme in any of the previous 5 years.
and i have not opted for presumptive taxation scheme in any of the previous 5 years, so i think i dont need tax audit is that correct ?
please advice as soon as possible. Thanks in advance.