Comment on Taxation for Traders - Introduction

Nithin Kamath commented on 30 Jul 2014, 09:09 AM

By law you have to show your losses, otherwise there is a risk of this coming back and ITO asking the reason why it was not shown, the penalty at that time would be based on your turnover. Note that if you don’t need an audit you can show presumptive income as 8% of your F&O turnover, we have quite a few discussions above on that. Yes Sept 30th is the last day.

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