Trading for Living -- Successfully Completed one year as Full Time Trader

amrutham

Well-Known Member
Great Congrats !

BTW are you done with your audit ,, ? Can you please share your experience , I am also opt for audit from next year as I can show expenses and I dont need to show the mandatory 6% profit on turnover ,,
For my account, the audit is done and ITR3 is filed and verified.I have gone through clear tax and below are the charges.
Options Turnover: around 6 Cr
Cleartax charges: 5.7K
Audit charges including 2 years DSA : 10 K
Total charges : 15.7 K

For my wife's account, I have gone through a local CA in Hyd and it is work in progress. Expected to complete by this Saturday.
Below are the charges.
Options Turnover: around 4 Cr
3 years DSA : 2K
Audit charges : 12K
Total : 14K


In both the cases, audit charges are fixed and are NOT based on the turnover.
 

superman

Well-Known Member
For my account, the audit is done and ITR3 is filed and verified.I have gone through clear tax and below are the charges.
Options Turnover: around 6 Cr
Cleartax charges: 5.7K
Audit charges including 2 years DSA : 10 K
Total charges : 15.7 K

For my wife's account, I have gone through a local CA in Hyd and it is work in progress. Expected to complete by this Saturday.
Below are the charges.
Options Turnover: around 4 Cr
3 years DSA : 2K
Audit charges : 12K
Total : 14K


In both the cases, audit charges are fixed and are NOT based on the turnover.
Thanks for the reply .

Charges are affordable in cleartax ,, What all documents you provided ? I heard CAs charge per page of audit document ,, I do many many transactions even though profits will be low , Does cleartax have such limitation or they will audit irrespective of Transactions ?
 

amrutham

Well-Known Member
Thanks for the reply .

Charges are affordable in cleartax ,, What all documents you provided ? I heard CAs charge per page of audit document ,, I do many many transactions even though profits will be low , Does cleartax have such limitation or they will audit irrespective of Transactions ?
As per my discussion with both the CAs, the audit charges are fixed and not based on number of audit documents.

Below are the documents provided to the CA.

1) PL downloaded from Zerodha
2) PAN and Aadhar ( for DSA)
3) All Bank statements for the FY
4) Form 26AS ( for income tax paid details)
5) Investment and home loan repayment details
6) Assets and liabilities details ( Documents not provided. Just details)
7) Incometax website login details

Hope this helps.
 
For my account, the audit is done and ITR3 is filed and verified.I have gone through clear tax and below are the charges.
Options Turnover: around 6 Cr
Cleartax charges: 5.7K
Audit charges including 2 years DSA : 10 K
Total charges : 15.7 K

In both the cases, audit charges are fixed and are NOT based on the turnover.
How much time does the entire audit process take?
 

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