Hi @bajramber85
Since you have traded in Derivatives and Intraday, ITR 3 has to be filed.
Quicko is a tax filing platform, but in case the assessee has audit requirements we can connect you with our network of chartered accountants.
You can use our tool to determine Tax Audit Applicability
You can reach out to us here on https://quicko.com/contact-us for your tax filing requirements.
Hope this helps!
Hi @Veejayy
You can opt for the Presumptive Scheme for FY 2020-21.
Looking forward if you are looking for a High Turnover, you have to maintain books and cannot opt for presumptive scheme. So if you think turnover limit will exceed in the FY 2021-22 itself and you will not be able to opt for the scheme, you should file ITR 3 with books of accounts in FY 2020-21.
You can reach out to us here on https://quicko.com/contact-us for your tax filing requirements
Hope this helps!
Thanks for your response.
The link which you are provided for determining tax audit not working… showing some error
My father age :60
He is not having any income.
He have intraday equity loss : 742140
Turnover : 1432056
Short term capital gains : 424310
Does he required to have tax audit.??
Some website i read that below 1Cr turnover Tax Audit is not applicable.?
Hi @KDN,
Tax Audit is applicable when
Since the income is below the basic exemption limit and the turnover is less the threshold tax audit is not applicable.
We are getting the issue fixed in the above determine tax audit applicability tool.
hi…myself shanmukh… I have salary income, arrears from salary, LTCG &STCG. I have traded in FnO and intraday prematurely… My intraday turnover is 600 and profit is +1/-(without expenses)…My options turn over is 58000 and loss of -15000/-(without expenses)… Which ITR i need to file?.. i think ITR 3 suits me based on readings from some QnA…Tax Audit is necessary in my case? a lot of confusion in that…kindly clarify me…thank you
Hi @Shanmukh
Since you had transactions in intraday and F&O ITR-3 will be applicable to you.
As per my opinion since the turnover and loss is very less a CA may not recommend a tax audit in your case.
Hope this helps 
can you tell me in what cases tax audit is applicable?..the tax audit tool in quicko is not working…kindly reevaluate the tool…
thankyou…
kindly update page of tax audit too…it helps…
What is the criteria for maintaining book of accounts. If my taxable income is <2.5 lac and turnover, loss from intraday trading are 10k and 7k respectively, do I need to get it audit and maintain book of accounts too?
Hi @inquisitive,
You should, however file your ITR and report your losses to carry them forward. Tax audit won’t be applicable because your income is below the basic exemption limit of INR 2.5 Lakh and turnover less than the threshold of INR 10cr.
intraday profit 237000 turnover(239000)
short term profit 118000
charges (-81000)
futures profit 8000 turnover(8000)
options (-55000) turnover(9600000)
charges(-33000)
net profit is 194000
no salary income
do i need to audit as income is less than 2.5 lakh but turnover is near 1 crore
can i carry forward loss without audit by filing in itr 3 only and there will no penalty from itr?
Hi @mukhilan,
Tax audit won’t be applicable because your income is below the basic exemption limit of INR 2.5 Lakh and turnover less than the threshold of INR 10cr. You can file ITR 3 and report all your incomes, deductions and losses to carry forward the losses and set them off against future gains.
Learn more about tax audit in the below article
Okay and what about maintaining books of accounts… Is that necessary in my case?
Yes, since your turnover is more than 25 lakhs you need to maintain the books of accounts and prepare the financials and file ITR 3.
You can refer the below article for detailed applicability.
Hope this helps !
No mine is this case:
Hi @inquisitive
No need to maintain books of accounts and audit is also not recommended as per the income situation shared.
Hope this helps!