Turnover-Audit Query/Option Traders(Re-

No it's not an ILLEGAL practice, the requirement of sec 44 AD is to show MINIMUM 8 % profit on turn over, you can show 80000/- profit , even if u made 4 lac profit , similarly in case of 4 lac loss ,u have to show 80000/- profit if u want to submit return u/sec 44AD ( to avoid audit / books of accounts etc).

Ok tell me,if I show 8% this year and next year I dont do any trading ie.,complete unemployed stage.
Now,what 8% rule says?Do I even need to file a return?
But on 3rd year,I'm back to the business so 44AD will remain intact?

Are you CA? CA word is there in your Login name : mmca2006

In any case return filling is compulsory if TOTAL INCOME exceeds 2.5 lac,and if TOTAL INCOME is below 2.5 L u r not bound to file return though voluntarily can file retun ...Yes...
Don't know why CA nikhil remains silent now ...he was providing good service to the forum...I was silent reader of his each and every post ,from his post it seems to me that he possesses good knowledge of taxation relating to derivative transaction.Now a days missing his post...Please go through the old post of CA Nikhil... u will get ur answer.
:fatigue: :fatigue: :fatigue:

Could any one please help me understand the 3 golden rules of accounting with respect to credit and debit. I can easily understand the essence of the 3rd rule where incomes are credit and expenses are debit. But I am finding it difficult to understand the essense of remaining first 2 rules.