Comment on Taxation Simplified

Hi Nithin,
My father is a pensioner. His annual pension is 216000. During this year he made loss of 70000 in F&O. In intraday he made profit of 90000 and in delivery based equity he made profit of 80000. So, his total taxable income will become 316000. His total turnover is less than 1 crore.
Scenario 1: If he purchases ELSS mutual funds worth rs. 80000, then his taxable income will be 236000. In this case will he be required an audit or not?

Scenario 2: If he shows business expenses worth 70000, then his total taxable income will be 246000. In this case will he be required an audit or not?

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