Presumptive taxation for purely trading income
This query is : Resolved
Sachin Singh
(Querist)
20 June 2024
Hello, if someone has purely trading income of say Rs 30L, and turnover is apx. 60L, then can taxes be filed under presumptive basis?
By this, tax being paid is 0 as 6% turnover formula would be applied, whereas otherwise, tax being paid would be much much more.
Since the exchanges/brokers send the data to the IT dept., they would be having the actual P&L of people. So, is it advisable?
(And of course, if one goes for the presumptive route here, same would have to be used for the next 5 years)
Thank you.
By this, tax being paid is 0 as 6% turnover formula would be applied, whereas otherwise, tax being paid would be much much more.
Since the exchanges/brokers send the data to the IT dept., they would be having the actual P&L of people. So, is it advisable?
(And of course, if one goes for the presumptive route here, same would have to be used for the next 5 years)
Thank you.
CA R SEETHARAMAN
(Expert)
21 June 2024
Yes, in this case ITR can be filed under presumptive basis with zero tax.
Income tax department can't take any action based on actual p and l statment.
Income tax department can't take any action based on actual p and l statment.
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