Discussion on section 44AD of IT Act

[lemondew]

any changes to tax rules? Havent read anything about it.

 

[Smart_trade]

any changes to tax rules? Havent read anything about it.

No changes...so we have to decide the audit requirement based on the existing tax laws and move on..

Smart_trade

 

[TradeJoker]

i know few commodity traders active since 2003 usually trade in nmce,ncdex,mcx etc., when i met few of them last week , i asked them abt the ac audit, one guy who is an old satta trader said 'we r already paying tax when we buy n sell na?' and he also mentioned none of the brokers advised them abt it, so they still belive its not neccessory at all

 

[Smart_trade]

i know few commodity traders active since 2003 usually trade in nmce,ncdex,mcx etc., when i met few of them last week , i asked them abt the ac audit, one guy who is an old satta trader said 'we r already paying tax when we buy n sell na?' and he also mentioned none of the brokers advised them abt it, so they still belive its not neccessory at all

That is ignorance. And ignorance is no excuse for violating the law.

Many times people are aware of the correct position but they turn a blind eye and think " pakde jayenge to dekhenge".

I know many retired people who have over 10-12 Lakhs income per year by way of interest,pension,dividends etc but conveniently think that as they are retired, they are neither required to pay Income Tax nor required to file the IT returns....both views are clearly wrong....

My view is that till the law is changed, everyone must follow the law.

Smart_trade

 

[TraderRavi]

If I buy options for 50000 and then sell at 54000 , booking profit of Rs. 4000. what will be my turnover ?
(in futures it will be 4000)

 

[Mihir Bijur]

In options also your turnover is Rs.4,000. Think of total turnover as sum of settlement profits and settlement losses for each trade.

 

[TraderRavi]

In options also your turnover is Rs.4,000. Think of total turnover as sum of settlement profits and settlement losses for each trade.

but their is lot of confusion in options turnover , premiums to be added in turnover also ?

 

[ethan hunt]

but their is lot of confusion in options turnover , premiums to be added in turnover also ?

4000+54000=58000

 

[TradeJoker]

Turnover detail available in zerodha BO >reports>tax P&L

 

[Mihir Bijur]

My above answer of Rs.4,000 was incorrect. What ethan hunt wrote was correct. Turnover = 4000+54000=58000