Tax audit calculation

My total turn over in fno is 5 lakhs and profit 80k for 20-21. Is audit required? Is there anything specific to be done to opt for presumptive scheme or it’s just if criteria is fulfilled so i can file itr 4? Am salaried and salary income is 15lakh.

If I gift some amount to my mother and she earns profit in FnO with that money. Will the profit be clubbed with my income to pay tax?
She is housewife.

@Laxmi_Navlani @Divya_Singhvi @Kaushal_Soni @AkashJhaveri can you?

Hi @Ashutosh_Pandey

Tax Audit is not required since profit is more than 6% of Turnover and Turnover is not exceeding the ceiling limit of 10 crore. You can opt for the presumptive scheme and file ITR 4. Nothing specific required.

Gift to relative is exempt from Tax. Clubbing shall not apply on anything earned on gift money.

Thank you so much Mr akash