Comment on Taxation for Traders - Introduction
commented on
27 Sep 2014, 09:22 AM
1. If trading is your only source of income, there is no need of getting audited as you don’t fall under any tax slabs. But if you have other income (salary/business) that will need to get added to it and if either turnover is over Rs 1 crore or if your income is less than 8% of your turnover, you will need an audit.
2. The turnover will be all gain + loss which in your case will be 12.5lks.