Share market business
This query is : Resolved
gopalsaran
(Querist)
07 March 2014
dear sir,
i am a daily trader in equity and F&O trading in option/future my turn over during the year is 49 lacs during 2013-14 ay year i have a total loss of 64 thousand. now if ipay tax 8% on my 49 lacs turn over is correct or it will not sove the problem
i do not want to go for AUDIT is that right
9810837764 gopal
i am a daily trader in equity and F&O trading in option/future my turn over during the year is 49 lacs during 2013-14 ay year i have a total loss of 64 thousand. now if ipay tax 8% on my 49 lacs turn over is correct or it will not sove the problem
i do not want to go for AUDIT is that right
9810837764 gopal
Nikhil Kaushik
(Expert)
07 March 2014
partially right, partially wrong.
the right part is that you can avoid the audit
wrong part is that you have to pay 8% tax.
what you need to do is to compute profit at 8% on Rs 49 lakhs ie 392000. and pay tax on slab rates on this profit. assuming you have no other income, your tax shall be Rs 17716.
the right part is that you can avoid the audit
wrong part is that you have to pay 8% tax.
what you need to do is to compute profit at 8% on Rs 49 lakhs ie 392000. and pay tax on slab rates on this profit. assuming you have no other income, your tax shall be Rs 17716.
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