Comment on Taxation for Traders - Introduction
commented on
22 Jun 2013, 04:45 PM
Hello Zerodha,
Thanks for answering my previous query.
I am a salaried individual and had done F&O, Equity Short Term and Intraday trading.
From your Blog I understand that for AY2013-14, if turnover is less than 1Cr and profits are more than 8% of turnover, there is no need of auditing. I am planning to file as a trader (business), since there are F&O transactions.
I understand how Turnover and profit in case of F&O. I have a query regarding turnover calculation in my case. The purpose of calculating turnover is only to decide if auditing is required.
1. My understanding is that since I am filing as a trader, Short Term Equity trading also comes under business. Does Short Term Equity trading affect Turnover? In this case how is the turnover calculated to include Short Term Equity Tradinge?
2. How is the intraday numbers included in the turnover ? Does intraday trading affect turnover?
Thank you
Babu