Comment on Taxation for Traders - Introduction

Nithin Kamath commented on 07 Jul 2014, 02:40 PM

What I follow while declaring turnover is:

Turnover for equity delivery is Total sell value
Turnover for intraday equity and futures (absolute sum of all profits and losses scrip wise)
Turnover for options (absolute sum of all profits and losses + Total sell value of options)

If you are using an ITR 4 and if either your turnover is over 1 crore or if profit is less than 8% of your turnover (your case), you will need a mandatory audit.

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