Comment on Taxation for Traders - Introduction
commented on
30 Dec 2015, 04:50 PM
Good day,
I have not filed my return for the last financial year yet. I have incurred losses from derivative trading during that time. Other than trading ,agricultural income is my only source of income.
My trading turnover was less than 1 crore as per zerodha statement and with losses. So i presume that i have to get the books audited. The auditor i have consulted advised me to either get the audit done or pay 8% of the turnover as presumptive gain u/s 44AD.
But i have also read in your article that , even though the turnover is less than 1 crore with out any profit , one NEED NOT get the audit done , if the total income is not taxable .
So since my only other income is from agriculture which is tax free , can i get away without getting the audit done OR filing under the 44AD in which case i have to pay 8% of turnover as presumptive gain.
Since the due date for filing the return is over , i understand that i cannot carry forward the losses. So is it legally mandatory that i have to file the return ?
My auditor has not dealed with any cases of trading yet , so he may not be aware of all the loopholes ,hence i would appreciate if you could help me out.