Comment on Taxation Simplified

Nithin Kamath commented on 10 Jun 2015, 06:03 AM

JK, the reply to Ganesh was

1. If you haven’t filed taxes, it is never too late. Go and file for the last 3 years immediately if there was any income. Like I replied earlier, taxes is not just for trading, it is for all your income.
2. Intraday trading is considered as a speculative Business. Since it is a business, you have to use ITR4, and audit is applicable if either the turnover is more than 1crore or if the net profit earned is less than 8% of the total turnover. Again, audit is applicable only if your total income falls in a tax bracket. (so no audit if your total income is less than Rs 2.5lks).
3. Turnover calculation is wrong, I have explained in the post above.

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