Trading Platforms
When should I get a tax audit done?
Under section 44AB of the Income Tax Act, 1961 tax audit for traders is mandatory, if: – Presumptive business income turnover* (profit / loss) is more than Rs. 2 crores in a financial year – Normal business income turnover* (profit / loss) exceeds Rs. 1 crore in a financial year
* When trading and investing, the Institute of Chartered Accountants of India guidelines say that turnover is the sell value of equity delivery trades and the absolute sum of P&L for all other types of trades. Note that when it comes to intraday trading, turnover means the sum total of absolute profits minus losses made on daily transactions.