I am into trading the derivative market, and for the year ended Mar 13 , have a income of 6000 . I hve the following queries
1. is it mandatory to file income tax returns ?
2. If it is mandatory , is audit of the books mandatory ?
Thanks.
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Tax on derivative trading
Replies (1)
1 If income is only 6000 and no other income, then you are not liable to file return of income.
2 Tax audit depends on the total sales or gross receipts not on the income. As your total sales or gross receipts are not mentioned, no comments on tax audit.
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