Comment on Taxation Simplified

Nithin Kamath commented on 22 Feb 2014, 02:07 PM

Vijay,

If you have started trading from May 2013, the financial year end is March 31st 2014, you have to file all your returns only after Mar 31st. Turnover is not your contract turnover, it is settlement turnover, so ensure that you understand that correctly. The only need of turnover is to determine if you need an audit or not.

P/L statement will be available from whichever broker you are trading with, and shouldn’t take you more than 10 mins to determine profitability for taxation.

Most of what you need to do is already explained in the blog above, and yes you have time till Sep 2014 in case your books have to be audited (turnover more than 1 cr).

Cheers,

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