Comment on Taxation Simplified

Nithin Kamath commented on 11 Mar 2014, 08:08 PM

Ravindra,

We have had discussion on this multiple times above, turnover is calculated by adding all settlement profits and losses for all contracts that you have traded during the year. You look like an active trader, so it is best to get yourself audited (the only reason for calculating turnover is for knowing if you have to be audited or not).

2. In case your turnover is less than 1 crore, note that by turnover I don’t mean contract turnover but settlement turnover .Sum of all profits and losses for every contract, explained in the blog above as well. So if your turnover is less than 1 crore and profit less than 8% of turnover you need the books to be audited.

3. Ravindra, it will be best to go meet a CA to plan this properly and file your returns as soon as possible. It will be very tough to answer this query, without having no background on your accounts, and I am not really qualified for doing that as well.

Cheers,

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