Comment on Taxation Simplified

Vinny commented on 30 May 2013, 04:04 PM

Nithin – you are maintaining a very good blog. We find it very informative and useful. Please keep up the good work. I have a couple of questions as below:

1. I am trading in options. My turnover is below Rs.1 crore (approx Rs.30 lacs turnover). Can I file ITR4-S (SUGAM) to declare presumtive business income at 8% of turnover/gross receipts? Or am I required to maintain books of account, calculate actual business income and file ITR4? I also have pension income and bank FD interest.

2. For ITR4-S (SUGAM) how does one calculate Gross Receipts? Do we have to put Gross Receipts or Turnover for calculating Business Income at 8%?

Would appreciate if you could kindly answer.

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