Tax audit for intraday equity and options trades

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

  • Turnover is above the threshold
  • Profit is less than 6% of the turnover & income is more than the basic exemption limit.

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

@AkashJhaveri @Saad_C @Laxmi_Navlani @Divya_Singhvi @Kaushal_Soni can 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 :slightly_smiling_face:

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…

@Shanmukh, this will help.

kindly update page of tax audit too…it helps…