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Itr for future & option : speculative business

This query is : Resolved 

MY QUESTIONS ARE

1. HOW TO CALCULATE TURNOVER
2. IF LOSS OR PROFIT LESS THAN 8% OF TURNOVER, THEN AUDIT APPLICABLE OR NOT
3. WHICH ITR.

THANKS IN ADVANCE FOR YOUR REPLY


1 Turnover is aggregate of loss and profit earned.
2 Yes provided taxable income earned.
3 File ITR 4 on presumptive basis else file ITR 3.


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