Comment on Taxation for Traders - Introduction
commented on
26 Sep 2014, 10:14 PM
please clarify
suppose i day trade only in the equity segment and i gain 5000 one day and loose 5000 next day assume my there are 250 trading days in a year. so my turnover would be 5000 x 250 = 1250000 and profit would be 0. which is less that 8% of the turnover.
now my questions are
1) do i need to get my books audited. ?
2) in ITR 4 where do you enter the turnover, don’t you only put in the speculative gain and loss ? how does the income tax dept know how much is your turnover ?
thanks in advance.