Good Cas who can file properly

[lemondew]

how much profit you have in f n o is it more than 8% of 30 lacs?

Sir, I have salary income of 2.4 lakhs . I did f&o turnover of 30 lakhs with profit of 1 lakhs , interest amount of 40 thousand. So
1) do I have to do tax audit ?
2) if yes , can I get tax audit exemption by investing in PPF for 1.5 lakh to bring net taxable income less than 2.5 lakhs ?
3) if ( salary + f&o profit + interest amount - deductions of 80c ) < 2.5 lakhs , tax audit required ? & How much income tax to pay with above equation ?

Sir, please guide me .

Thank you.

 

[traderniftybull]

You know I'm always in loss i.e., <8%
But after adding my FD interest,I dont fall in audit case.That is what my CA doing for me from last few years.Hope he's not filing wrong return.

Bhai, I am no tax expert, just a trader like you. I was doing business (not market trading) since last many years, so knew something about taxation.

Though without complete details, I cannot post my opinion. But want to know, if your total income is above 2.5 L. Moreover your loss in fno is being adjusted with FD income. But even then, if your total income is above 2.5 L, then IMO, yours is an audit case.

 

[traderniftybull]

@traderniftybull,he pmed me too.
Lagta hai bhai ke pass bohot maal hai..IT raid ka darr sata raha hai

ha ha
not necessary
Bhai, tax notice/IT raid se sub darte hain. Jo tax chor hote hain voh kam darte hain, aur ulta jo imaandar hote hain voh tax notice aane se jyada darte hain.

 

[Rohitt]

how much profit you have in f n o is it more than 8% of 30 lacs?

Sir , profit is 1 lakh & turnover 30 lakhs , so profit < 8% .

 

[Rohitt]

ha ha
not necessary
Bhai, tax notice/IT raid se sub darte hain. Jo tax chor hote hain voh kam darte hain, aur ulta jo imaandar hote hain voh tax notice aane se jyada darte hain.

Sahi pakde bhai , imandar ko jyada dar hota hain BTW I was doing PM as I want to save tax & March close is near

If anyone felt wrong about my PM , I am sorry for that.

Thank you all

 

[lemondew]

Ok then pls wait for nikhil to respond. I dont know new rules..


As per old rules(44ad) you need to go for audit or assume 8% of 30 lacs (240000) as your profit and pay tax on it.

you fall in case 2 as per nikhils thread
http://www.traderji.com/taxation-matters/98969-you-covered-under-tax-audit.html

Sir , profit is 1 lakh & turnover 30 lakhs , so profit < 8% .

 

[Rohitt]

@traderniftybull,he pmed me too.
Lagta hai bhai ke pass bohot maal hai..IT raid ka darr sata raha hai

Bhai bohot maal ho to mein yahan pe thode hi puchata tha than the case would have been different.

Anyway sorry bhai if u felt wrong for my PM .

 

[Bull Share]

DO we need to file tax for a particular Quarter even if that quarter eneded in loss ?

 

[canikhil]

Bhai bohot maal ho to mein yahan pe thode hi puchata tha than the case would have been different.

Anyway sorry bhai if u felt wrong for my PM .

do you have any other income also during the year? like interest income, salary etc?

 

[aja]

Nikhil Bhai,Pls answer these 2 queries to avoid lot of confusion-

1)Maintain account of Books for Traders means what we have to keep in record?
2)If profit is below 8% of turnover,but other income like FD etc considering total income is above 2.5L tax sab,then we need an audit?