Comment on Taxation Simplified

Nithin Kamath commented on 27 Feb 2014, 07:19 PM

Hi S,

Yes the time has passed to have filed your returns to get the benefit of carry forwarding your losses.

You can file delayed returns, and if your turnover is what you are mentioning, what I would suggest is that instead of showing loss show gross profits for 2012-13 of 8% of your turnover. So if 5lks is your turnover, show that you made 40k profit in 2012-13. This way you will not need an audit from a CA, and tax outgo on 40k will be maximum of 12k( if u r in the 30% bracket), even this could be reduced further by showing expenses to reduce your gross profit and hence the net tax outgo.

Book of accounts needs just your bank statement,your trading ledger & PNL, and keeping a book with all expenses you have incurred towards trading as a business, charting software cost, internet, tips etc etc.

The prices you have mentioned are pretty reasonable, do bounce the idea that I suggested with your CA.


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