As the turnover is more than Rs. 2 cr, audit is required. For charges, please contact personally. I am based in New Delhi and can easily assist you in audit and filing of ITR.
I m a professional along with trader in fno. In last financial year I had professional income of approx 15 lakh and fno loss in lakhs too. Trading turnover as per zerodha site is more than 5 cr. Will audit be required in case of loss too ? What will be charges and time taken for audit ? What will be documents needed for audit ? Thx
As the turnover is more than Rs. 2 cr, audit is required. For charges, please contact personally. I am based in New Delhi and can easily assist you in audit and filing of ITR.
Hi, Thanks for connecting. Sorry to hear about the loss incurred. Unfortunately, audit is mandatory even though there is a loss. And because of F&O turnover, your professional income will come with ambit of audit. Fees will be Rs. 25000 + GST. Following documents will be needed:
1. Contract notes of trades
2. Bank statement
3. Invoices pertaining to professional income
4. Bills/Vouchers for expenses claimed
5. Proofs of any compliances if applicable
6. Previous year ITR
7. Any other documents needed as per initial discussion before commencing audit
Regards,
Yash Shah
Hello,
Yes, as per the information provided, tax audit would be required for your F&O Trading Business.
For charges and duration, kindly contact us directly or take a phone consultation.
Documents required for the preparation and filing of the Balance Sheet, Profit & Loss Account and the Tax Audit Report would be as follows,
I hope this answer satisfies your requirements.
Regards,
CA Hunny Badlani
Dear Sir,
Hope you are doing well !!
Yes, audit is mandatory as the turnover is more than Rs 2 cr.
We may assist you in entire procedure.
The turnover taken by zerodha won't be considered for audit I need to calculate it separately.
I would recommend to book a personal consultation so that everything can be discussed in person and better services can be provided.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you.
Hi,
Yes, audit will be required in your case. It would take around a week or two to get the audit done. The cost would be around 15k.
Documents needed:
1. bank account statement
2. Stock trading statement and ledger
depends on what is turnover in F& O business if < 1 crore & total income not > 2.5 lac then not audit req if tuernover > 5 crore then audit required even in case of loss too
Yes Tax audit is required for turnover more than 1 crore and your turnover is 5 crore so your account must be audited.
Audit fees is differ for case to case basis and person to person. You have to maintain all records for Tax Audit like Contract Notes, Ledger, Bank Book, Cash Book etc.