Comment on Taxation Simplified

Gupta,

The tricky thing about calculating turnover is that there is no said guideline from the IT department especially while trading the markets. So if you are calculating for f&o or equity intraday, one of the ways to do it would be by summing up the settlement profits or settlement losses for every contract or stock. In case of equity delivery based trading, calculating turnover is simpler, basically sum of all debits or credits because of your purchases and sales of shares.

To come to your actual profits, you could take the PNL report from the broker and then substract all the expenses to get to your actual profit, the simplest way to do so.

Yes, you can depreciation of car as long as you think it is being used for the business of trading the markets. The idea is to be consistent with your expenses year on year and not to randomly add or remove expenses.

Cheers,

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