Can declare only 6% of the total turnover as profit under 44AD?

curiousv (Mr.) (74 Points)

09 July 2024  

This is about FNO trading income

all transactions are digital

Actual profit is more than 6% of the turnover but some people claim - you can only declare 6% and pay tax accordingly..

 

Please advise if this is true? or I must pay taxes on actual profit (higher than 6% of the turnover?)