tax on future trading turnover

#1
I understand that gross receipt for future trading is absolute sum of daily loss and profit. Following this method, my turnover is 12 lakhs, and net profit is only Rs 5000. I do not need to get my accounts audited (since turnover of my business income which is solely due to future trading is less than 40 lakhs) but then do I have to pay presumtive tax on basis of business income @8% on turnover of 12 lakhs i.e. tax on business income of Rs 96000.

Can somebody please clarify? Thanks.
 
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#2
I understand that gross receipt for future trading is absolute sum of daily loss and profit. Following this method, my turnover is 12 lakhs, and net profit is only Rs 5000. I do not need to get my accounts audited (since turnover of my business income which is solely due to future trading is less than 40 lakhs) but then do I have to pay presumtive tax on basis of business income @8% on turnover of 12 lakhs i.e. tax on business income of Rs 96000.

Can somebody please clarify? Thanks.
Any Business Income is taxed on Net Profit/Net Loss and not on Turnover.
 

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