Good Cas who can file properly

aja

Well-Known Member
Bhai, I am no tax expert, just a trader like you. I was doing business (not market trading) since last many years, so knew something about taxation.

Though without complete details, I cannot post my opinion. But want to know, if your total income is above 2.5 L. Moreover your loss in fno is being adjusted with FD income. But even then, if your total income is above 2.5 L, then IMO, yours is an audit case.
total income is above 2.5L,but after deduction it's NIL
so my CA says audit is not required.
 

aja

Well-Known Member
I'm confused now bhai.Why 2 different CA's have different view on a same matter.
Konse CA ka POV sahi hai yeh hum non-CA wale kaise decide kar sakte hai?

Kahi ekhad din iss wrong filing ke chakkar me IT Dept lamba fine/penalty na laga de :(
 

aja

Well-Known Member
You know I'm always in loss i.e., <8%
But after adding my FD interest,I dont fall in audit case.That is what my CA doing for me from last few years.Hope he's not filing wrong return.
he is 100% wrong filing
but who is doing audit except big traders
sab aise hi fill kar rahe hain :lol:
IT officer ko tax se matlab hai
chote mote traders ke audit se jyada matlab nahi rakhte
but koi khane pine wala ho to pareshan kar sakta hai
Hope Nikhil Ji will confirm this doubt.
 
total income is above 2.5L,but after deduction it's NIL
so my CA says audit is not required.
Gross income is taken into account, for audit case calculation
Now Nikhil ji has come, and he will clear all doubts.
 

canikhil

Well-Known Member
Nikhil Bhai,Pls answer these 2 queries to avoid lot of confusion-

1)Maintain account of Books for Traders means what we have to keep in record?
2)If profit is below 8% of turnover,but other income like FD etc considering total income is above 2.5L tax sab,then we need an audit?
List of Document:

1. All contract notes

2. Ledger providing for all accounts including trades booked, margin accounts, broker account

3. Profit & Loss Account and Balancesheet, Trail Balance etc

For your second question, yes if the profit % is less than 8% of the turnover but overall income is in excess of the exempted slab rate (2.5 Lakh at this moment) the audit is required
 

aja

Well-Known Member
For your second question, yes if the profit % is less than 8% of the turnover but overall income is in excess of the exempted slab rate (2.5 Lakh at this moment) the audit is required
That means my CA has been filing wrong return so far.Hope I will not face any prob in future.

If the profit % is greater than 8% of the turnover and overall income is also above 2.5L,do we need audit?
 
In such case, audit is required only if total turnover is above 2 crores (previously it was 1 crore)
 
in that case,my CA is also right na bhai?

declare 8% profit+income is above 2.5L=no audit :confused:
but where you have posted your case details.
and if your TO is less than 2 Cr, have declared 8% profit means no audit required.