Comment on Taxation Simplified

Elliot commented on 31 Mar 2014, 12:45 AM

Dear Nithin Kamath
Thanks for your enormous service – I have just 2 doubts
1.In current year I have profits from business of derivatives whereas I am carrying forward prior period loss under short term capital gains on equity (non speculative ie not same day trades )-Now my ques is can I reduce this prior period STCL from my business income and pay tax only on the balance ?
2. My second doubt is on paying 8% presumptive tax on derivatives turnover under sec 44ad instead of paying much more as per slabs going to 30% -Forget the moral question – But legally if I do this ie I pay 8% on my turnover which is over a crore (yes needing tax audit too ) what can be the legal issue since as per above posts ITO can’t do anything is it not ? If I opt for this then I should file under ITR 4S is it not and not ITR 4 ?

Thanks once again and eagerly awaiting inputs.

Elliot

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