Audit requirement for intraday & F&O net income less than 6%(Not Presumptive Tax,as normal business)

ITR 291 views 1 replies

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!

 

Replies (1)
1. Audit is applicable under section 44(ab)(d) if declared income is less than 6%/8%.
2. as turn over is less than 10lakh no need.
but do maintain basic books of accounts.


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