Comment on Notice under Section 139(9)? - Possible reason

PKB commented on 19 Aug 2013, 11:26 AM


I am a student and normally trade in Options only. I am still confused with what does turnover means u/s 44AD. In my client summary report on Back office at zerodha following details are shown:
Transaction Total : 79448.77(Dr.) 81462.52(Cr.)
Closing Balance : 2013.76( Profit)

I want to know whether turnover is 160911.29 or 2013.76.

If turnover is 2013.76 then whether 8% is to be computed on this for presumptive taxation?

If turnover is assumed to be 2013.76 then there would be no need of getting Tax audit since neither turnover exceeded 1 crore nor profit is less than 8% of turnovers.

And in case of loss how can turnover be negative?


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