I have following futures transactions
profit Rs. 10 lakh
loss Rs. 3 lakh.
so turnover 13 Lakhs.
can I show my profit at 8 % i.e. 1.04 lakhs and pay tax,
whereas my actual profit is 8 lakhs
Menu
Derivatives transactions
Replies (2)
I think you cannot offer a lower profit.
Yes Sushant ji, the absolute profit (here 13L) will be your Turnover and provisions of 44AD presumptive taxation can be applied.
Recent Topic
- GTA Annexure V Non Compliance
- Calculation of Demand due to interest u/s 220(2)
- Legal profession business code in section 44ADA
- Whether Indexed Capital Loss Can Be Claimed Under
- Form 145 and 146 Foreign Remittance in Excel Forma
- E invoice missed out/not generated for FY2025-26
- Can a broker's software legally override actual po
- Startup exit in Sept 2025: Can I still save LTCG t
- Need advice
- GST registration
Related Topics
CAclubindia
