Comment on Taxation Simplified

Well, if your Turnover from business (read derivative trade in this case) exceeds Rs 100 Lacs in any Financial year, the provisions of declaring profit at 8% (or more) of the turnover is not available. In such eventuality one has to compulsorily get the accounts audited and declare profit/loss after accounting for expenses and depreciation etc incurred in running business.

My doubt is ” Can I declare 8% of Turn over as profit even when the actual income after taking into consideration is more than 8% of Turnover”

I will request response strictly from legal point of view.

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