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
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Derivatives transactions
Replies (2)
Quick Summary
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.
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