Comment on Taxation for Traders - Introduction

1. Yep definitely.
2. Ideally you should rectify your previous year returns first.
3. Yes P&L section is what I am referring to
4. No account method is in case if you don’t need an audit, check the post above on cases when audit is not required. If audit is required then, you need to maintain the book of accounts.
5. Gross receipt is total sell value, Gross purchases is total buy value

Cheers,

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