Sir,
As we all know Turnover for F&O is positive and negetive differnce. Now suppose Mr. x in a financial year get only profit and earn rs. 50 lac. then it means turnover is rs 50 lac and he can file return in 44ad with profit of 4 lac (8% of 50lac). is it a loopwhole?? and if in above instance he make loss of rs 50 Lac thn also he has to pay tax on 4 lac. or if he opt for audit then how much expenses he claim ( 1 crore). in his books of accounts for arriving at loss of rs 50 lac?? kindly reply or disscuss it.. thanks.
CAclubindia
