Comment on Taxation for Traders - Introduction
commented on
29 Aug 2013, 12:34 PM
1. Income tax returns have to be filed irrespective of how much income you make, especially when you are trading the markets. If it is less than 2lks, you would not need to pay taxes, but returns have to be filed. In your case, if income is less than 2lks after filing returns you can even get the refund of the TDS deducted.
2. Yes as per section 44AD, if your turnover is less than 8% books have to be audited. But books being audited is a very simple process, it is basically a CA certifying it.