Tax audit for F&O trading

My total income for FY 2020-2021 is zero. However, I have an F&O trading loss (Business Loss) of Rs 2,36,168 with sales turnover of Rs 11 crore and also, I have intraday trading loss (Speculation loss) of Rs 3,85,295. Do I need to get my income tax audited?

Hi @b500

Since your Turnover exceeds 10 crores tax audit under Sec 44AB(a) is applicable irrespective of the profit or loss.

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If my total income for FY 2020-2021 is zero. However, I have an F&O trading loss (Business Loss) of Rs 2,36,168 with sales turnover of Rs 1.5 Lakh and also, I have intraday trading loss (Speculation loss) of Rs 3,85,295.

In this case, do I need to get my income tax audited?

Hi @b500

In the above case since the total income is less than the basic exemption limit and turnover does not exceed the limit. Tax audit shall not be required.