Comment on Taxation for Traders - Introduction
commented on
27 Jul 2014, 11:53 AM
Hi Nithin, Firstly thanks for this wonderful initiative by Zerodha. Withouth which I would have ended up filing a different ITR. One thing what I donot understand is why people are not informed well in advance by the Govt about tax implications(like audit and business income) due to trading in Intra and Derivate segments. Anyway my question is I have done trading in Intraday and delivery. My turnover in intraday is 4 lakhs but is in loss of 60k. Also, I am salaried and I understand I need to get tax audit done since my salary is around 6 lakhs. So for audit I need to maintain book of accounts. Can the electronic ledger given by brokerage firm like your’s be considered as book of accounts? Or do i have to maintain any other physical books. Many of the CA’s i met are also not well informed about this 8% taxation clause for audit and they are not giving proper advice. so thought of asking zerodha as I have account in Zerodha and current year i have done only F&O without having known this implications my total sales is around 17 cr. but in loss 😀