Tax audit and quicko tool

I have an salary of 10 lacs pa and have also started trading. The data mentioned is for FY 2019-2020
Intraday profit : 85.5k
Intraday turnover : 1.4L
Short term realized profit : -72.78k
Total charges : 31.17k
Other credits/debits : -2.43k
Net Realized P&L : -20867.92

  1. Do I need to get the tax audited?
  2. Does quicko have a provision for tax audit?
  3. When I had used quicko tool , it showed that I had tax dues of 20k after the importing the trade statements from zerodha. Can’t the loss be carried forward to the next year? How is it arriving at 20K?

Hi Sakshi,

Tax Audit is applicable when:

  • Turnover is above the threshold
  • Profit is less than 6% of the turnover

You can use this tool to determine if tax audit is applicable to you or not. Learn more about tax audit of trading income here.

Quicko is an online tax filing platform. However, when our customers have audit requirements, we connect them with Chartered Accountants who could conduct tax audit if they need.

Intraday is treated as speculative business income. Your Short Term capital losses cannot be set off against business income. Hence the tax liability calculated would be on your Intraday profits. Learn more about Set off and carry forward losses here.

Hope this helps :slight_smile: