Comment on Taxation Simplified

ravindra kumar commented on 10 Mar 2014, 11:05 PM

Hi Nithin,

Thanks for your early reply.

Trading in Commodities done between 01-04-12 to 31-03-13 :

MCX Segment :
1) Total Buy Value : 2471792243.00
2) Total Sell Value : 2473101093.00
3) Net Value : 1308850.00 (Dif. of 1&2 above & this is also Gross Profit)
4) Net Profit : 1255325.95 (after deducting other statutory expenses)

NCDEX Segment :
1) Total Buy Value : 2221241217.00
2) Total Sell Value : 2221522759.00
3) Net Value : 281542.00 (Dif. of 1&2 above & this is also Gross Profit)
4) Net Profit : 240449.12 (after deducting other statutory expenses)

Total Net Profit = 12,55,325.95 + 2,40,449.12 = 14,95,775.07

Plz. clarify the following :

1) What is the Turnover for the said period ?
2) Plz. explain me the T.O. part & that 8% profit part & audit by CA part. in this case.
3) After deducting expenditure under various heads, I want to declare around Rs.8.00 lakhs Net Profit. I am 24 yrs old & I do not have other Income. What will be my tax liability for 2012-13, including penalty for delayed filing, Interest on delayed payment & any other charges (I have not yet filed IT Returns) ?

Plz. do reply.

Ravindra

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