Intraday trading loss and tax audit.

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Hi,
I have seen many people are saying that if there is intraday equity loss and profit is less than 6% (digital receipts) of turnover and income exceeds basic exemption limit than tax audit is required… But it is wrong.. It is applicable only for those who have opted for sec 44AD… Others who are filing itr normally and applying sec 44AB for them tax audit is applicable only if turnover exceeds 1 cr.They can carry forward intraday equity loss without tax audit.. Other provisions of sec 44AD are irrelevant for those who are following sec 44AB.

Please share your thoughts.

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If u have opted 44ad, and u have income less than 6/8% & Total income > Min exemption slab, audit is necessary!
So in case of loss, no audit is reqd if T.I. < min exemption slab if i u had opted 44ad!!
Edit: It is only if u have opted for 44ad

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Awake wrote:

Whether u have opted 44ad or not, if u have income less than 6/8% & Total income > Min exemption slab, audit is necessary!
So in case of loss, no audit is reqd if T.I. < min exemption slab!!

https://cacube.in/event/extended-due-date-to-fi...

Hi bro pls check the answer of amit in this link at comment section.

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Nature777 wrote:

Thanks.. will wait 😊

No audit is required in your case!
If u have to opt 44ad, i have written the provisions above

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Awake wrote:

I just replied from top of my head! Wait will get this sort by morning! Haven’t read tax for 2y now
@BubbleBoyChickenLittle tune krlia tax?

Bro, first thing is calculation of turnover. In speculative business, to is the difference between sell and buy. That will determine the tax audit if you cross 1 cr.
Take 44AD, show the difference as TO and file the itr.
If any loss, then it can be carried forward.

For any thing other than Intraday and fno, you can choose to take them either under Business or Capital Gain as you wish to.

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Awake wrote:

No audit is required in your case!
If u have to opt 44ad, i have written the provisions above

Thanks for replying!👍

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how to calculate the turnover ? for intra traders any body know? any idea ???

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