Intraday Turnover 2.11 Lakhs, F&O Turnover 4.56 Lakhs = Total TO 6.67 Lakhs
Gross Income from Intraday as per Zerodha Report - Intraday 29000/-, F&O 1.18 Lakhs
NET income from intraday trading Rs. 5639/- After deducting STT and brokerage + NET income from F&O is Rs. 1100/- After deducting all allowable direct expenses (STT, GST on STT etc.) & Indirect Expenses like (Interest on Loan, Internet, Depreciation on laptop, Consultaion charges etc.)
Total Net Income 5639+1100=6739/-
Income from salary 360000/-
Question 1: If audit is applicable as the net profit is less then 6% of total turnover
Question 2: Whether need to maintain books of accounts or not as TO is very less than 7 lakhs
Question 3: Indirect expenses to be deducted from Turnover or from Gross profit while calculating NET PROFIT?
Thank you for your valuable answers and precious time. Great day!