Turnover-Audit Query/Option Traders(Re-

[headstrong007]

The departmental officials usually do not explore a person usually, who submits his returns in time and don't hv undisclosed incomes. You are very much allowed as per law to declare your income at a flat rate of 6% without claiming any business expenses... but there are complexities like..

If presumptive taxation is opted for an assessment year and for subsequent assessment years presumptive taxation is not opted, then, the assessee can opt for presumptive taxation next only for the Assessment Year after 5 years from the first mentioned assessment year.


*******
presumptive taxation is the mentality of no hope of recovering money..like u can't make it even in next 8 yrs..so why r u still trading??

But, if that is true...u r Leaving... no problem...go for presumptive taxation...

but if u r still trading year after year, u r hoping to recover money.. but planning to file presumptive taxation again and again..like there is no hope...This is the mentality of a looser... Don't do it.. Think of it........

This discussion can go on and on.. There is adv and dis adv of diff method...
understand urself.. ur present position..ur progress in trading... hope or no hope to recover money.... then choose ur return...

*********

Yes, you can carry forward absorbed business loss up to 8 years, and claim whole accumulated loss with next years BIG profit itself...
u can adjust all loses.. if u can earn the money back from next 8years...it is a long time enough, to find any business is successful or not...

 

[traderniftybull]

Funny

Always tries to show the negative side :lol:

Presumptive scheme is even more positive for gainers, as well (for TO below 2 cr)

 

[headstrong007]

BTW
I am not sure, whether if one carry forward his losses, then he can (is allowed to) set off his losses in one go
OR
he has to divide his losses in certain number of parts and to take set off one part each in each year.

funny

People don't know simple things...but start giving GAAN in open forums about Tax.. like CA.. :lol:

 

[traderniftybull]

funny

People don't know simple things...but start giving GAAN in open forums about Tax.. like CA.. :lol:

ha ha
and people try to cheat IT, in hand with glove with CA and try to be smart and call themselves as genious :lol:
and even do not understand, even the simpler things and always try to complicate a simple thing like

 

[Mercedes]

I hope that your point of concern, has been resolved and you dont need any help. Its good then. But even still you need any sort of help from me/us, you may post the details of your case.

BTW
I am not sure, whether if one carry forward his losses, then he can (is allowed to) set off his losses in one go
OR
he has to divide his losses in certain number of parts and to take set off one part each in each year.

funny

People don't know simple things...but start giving GAAN in open forums about Tax.. like CA.. :lol:

:lol:
He always pertains himself as GYANI MAHAPURUSH But I doubt is he even................
BTW ignore him as he is fake id ........ids.........lol

 

[headstrong007]

My CA is very talented, he has own CA farm. He found the best possible way to reduce turnover and take the simplest method within the IT rule.
He made script/contract wise calculation to reduce turnover down since last 4 years for me.. This is well accepted method for Derivative Contracts, but very few people have such details knowledge. I hv shared it here.. to benefit more...

Now some very big brokers following the same method for their lakhs of customers....They changed whole turnover calculation from per trade to script/contract wise calculation... no need to say anything more about this method...now lakhs following this method..topic end..

 

[Hema123]

if u r still trading year after year, u r hoping to recover money.. but planning to file presumptive taxation again and again..like there is no hope...This is the mentality of a looser... Don't do it.. Think of it........

Eye Opener, Like it !

 

[aja]

My CA is very talented, he has own CA farm.

aapka CA kheti-baadi karta hai :rofl:

(that was a light joke only)

 

[aja]

My CA is very talented, he has own CA farm. He found the best possible way to reduce turnover and take the simplest method within the IT rule.
He made script/contract wise calculation to reduce turnover down since last 4 years for me.. This is well accepted method for Derivative Contracts, but very few people have such details knowledge. I hv shared it here.. to benefit more...

Now some very big brokers following the same method for their lakhs of customers....They changed whole turnover calculation from per trade to script/contract wise calculation... no need to say anything more about this method...now lakhs following this method..topic end..

Yes,there are 2 methods to calculate turnover and its still a grey area.
But the question is why will a CA adopt this way and kick his own profit by avoiding Audit?
20k audit cost,5k normal filling cost

 

[cloudTrader]

Yes,there are 2 methods to calculate turnover and its still a grey area.
But the question is why will a CA adopt this way and kick his own profit by avoiding Audit?
20k audit cost,5k normal filling cost

If one will not do , some other will do so better not let the Rs. 5,000 go than to target Rs. 15,000.