• Is audit required?

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
Asked 4 years ago in Audit

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.

Vivek Kumar Arora
CA, Delhi
4943 Answers
1101 Consultations

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

Yash Shah
CA, Mumbai
29 Answers

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,

1. Bank Statements.

2. Broker Statements.

3. Scrip wise Trade Statements.

4. Details of expenses incurred, if any.

I hope this answer satisfies your requirements.

 

Regards,

CA Hunny Badlani

Hunny Badlani
CA, Madhya Pradesh
2608 Answers
16 Consultations

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.

 

Payal Chhajed
CA, Mumbai
5188 Answers
298 Consultations

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.

Naman Maloo
CA, Jaipur
4292 Answers
101 Consultations

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

 

Lakshita Bhandari
CA, Mumbai
5687 Answers
934 Consultations

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

Nitin Jain
CA, Jaipur
214 Answers

Hi

 

Yes audit is required.

 

For detail discussion please have a phone consultation.

Karishma Chhajer
CA, Jodhpur
2450 Answers
29 Consultations

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.

Narendra Sonagra
CA, Ahmedabad
57 Answers

Yes, audit is mandatory. Charges will be 13K plus taxes. Documents required are the statements from Zerodha.


Please share your email ID or phone no so that we may contact you.

Ruchi Goel Anchal
CA, Gurgaon
525 Answers
16 Consultations

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