Turnover-Audit Query/Option Traders(Re-

[aja]

Yes,going to meet a Brand New CA tommo...

 

[traderniftybull]

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

Thats what I said.
Some people feel that they are over intelligent and others are flowers only. Such people post without reading anything, without knowing the facts and try to show their intelligence.

 

[traderniftybull]

Yes,going to meet a Brand New CA tommo...

Ha ha
But just keep a tab, that the fellow knows about FnO trading and its taxation rules. Because, in my experience, I have found that most of the practising CA are not aware of FnO trading and its taxation rules.

I have 2 close relatives, practising as CA, one for last 10 years (also auditing for banks etc) and other for last 4 years (as a partner in his brother CA firm), but both of them do not know anything about FnO taxation (otherwise they are knowledgeable CAs)

So be diligent, would be my suggestion, and I wish for the best

 

[TraderRavi]

Yes,going to meet a Brand New CA tommo...

jitna ye audit ke piche laga hai utna trading ke piche lagta to 45K ke double ho gaye hote ab tak :lol:
chodoyaar ye sab chakkar.tax wale pakdenge to keh dena
"mera naam hai aja ,
kyun dete ho mujhko saja,
kya aata hai tumko isme majaa " :rofl:

 

[Smart_trade]

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:

I have not made any such comments about calculation of turnover in case of options trading. This is just to clarify.

Smart_trade

 

[princy01]

and certainly aja is not that beautyflower :rofl:

Lol

I am going to ignore some obvious non sensical people /posts and tell you clearly

If you are in loss then irrespective of your turnover, you cannot legally escape audit, not in this life till now according to IT laws , if you want to escape this then you will have to hide your trading activities

And once audit done and its proven that you are in loss, you can carry this loss for 7 years to off set with future profits

When you do trading there are only two possible outcomes, profits or losses, tax man sees that you must be in profit unless its proven otherwise via audit, it's simple and easy to understand

 

[marimuthu13]

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?

yes..my mistakes,,sorry for that..if turnover exceeds 2 CR, file tax with audit irrespective of Profit or loss..

 

[traderniftybull]

ha ha ha

kaaley se darrrrr gaye kya or facts are not supporting now or do not know how to proceed because do not have enough knowledge

So
Ignorance is the best bliss :lol:


and moreover in your case
saiyann bhaye kutwaal to darr kahe ka

 

[traderniftybull]

@ aja

I still feel that you can avoid audit legally and as per IT rules (that too without showing 8% profit)

 

[marimuthu13]

Lol

I am going to ignore some obvious non sensical people /posts and tell you clearly

If you are in loss then irrespective of your turnover, you cannot legally escape audit, not in this life till now according to IT laws , if you want to escape this then you will have to hide your trading activities

And once audit done and its proven that you are in loss, you can carry this loss for 7 years to off set with future profits

When you do trading there are only two possible outcomes, profits or losses, tax man sees that you must be in profit unless its proven otherwise via audit, it's simple and easy to understand

as simple as that...none can explain simpler than this post..........