Turnover-Audit Query/Option Traders(Re-

[aja]

If turnover exceed 2 cr. it will be covered u/s 44AB for compulsory Audit , irrespective of profit % , then how is it possible to avoid Audit?

I think that's a typo.

 

[traderniftybull]

Exactly correct

These people are talking very funny actually

10 k is normal audit rate and they want to save that, and are thinking to pay 2.4 lacs tax, very funny

Do not want to comment on your post, as it may amount to violation of forum rules
But wont stop without posting, who the flower is going to pay 2.4 lakhs as tax instead of audit fees. Very funny indeed :lol:

 

[aja]

Do not want to comment on your post, as it will amount to violation of forum rules
But wont stop without posting, who the flower is going to pay 2.4 lakhs as tax instead of audit fees. Very funny indeed :lol:

and certainly aja is not that beautyflower :rofl:

 

[Subhadip]

Strange thing is-looks like no one is doing audit in TJ(except those Pro's).
But atleast small traders like us should share their views.(What your CA did with your ITR).

I see lot of profitable gyan but no one is eligible for audit?

i had audit.....in last to last FY...Last FY still not done yet..but will do it within July

 

[Subhadip]

I traded Option madly previous year FY 2016-17,so TO is 42L
8% of this 42L is 3.36L.
Profit should be above 3.36L to avoid audit.But as you know I'm only loosing,so there isnt any profit at all.

also if loosing, u can carry forward your loss also for next 8 years I suppose...

 

[aja]

also if loosing, u can carry forward your loss also for next 8 years I suppose...

I dont want to CF loss and dont want to do audit.

 

[traderniftybull]

Prince,I know you and tnb has some cold war going on since few days.
But this audit debate is going on since last 2 months.One of the threads by some user got deleted where I explained my all details very well,but tnb has different views on it.In that thread ST Da and headstrong had put very shocking points like his CA doesn't consider premium on a sell side for calculating TO.

My city has audit fees=20k

and I bet you didnt get my query :annoyed: and calling it funny :lol:

Yes, the audit fees is some where between 15/20 K (minimum) for FnO trading.

Aja bhai, you are mistaken, I do not have different views, neither I can have. I am no expert on tax matters. Only making use of the facts that were mentioned previously by member CANikhil and others.

Which thread on taxation has been deleted, I have not noticed it. Nor I remember the exact details you have posted. Your case is a marginal case, and I still feel that there is some chance that you may/can avoid audit legally, if you try to contact a good CA.

You may post exact details of your case, TO, loss and other incomes, (if feel comfortable) and we may have a discussion on it, this weekend.

 

[Subhadip]

I dont want to CF loss and dont want to do audit.

Do not want to means???

I do not understand, how one can say I do not want to do..like this with IT ...

Well, I have not idea what u r talking...

I do not mess up with IT...that is purely my view..

Please consult with CA..

 

[traderniftybull]

and certainly aja is not that beautyflower :rofl:

ha ha
Not you, aja bhai, because in your case tax liability is not 2.4 lakhs
Its known to the member only, who did such a funny post.

 

[aja]

ha ha
Not you, aja bhai, because in your case tax liability is not 2.4 lakhs
Its known to the member only, who did such a funny post.

2.4L tax liability me hota to mai yeh 45k leke gotiya nahi khel raha hota bhai