Urgent : Tax audit or not

in my opinion rather than taking as a business income........go for capital gain head......so no need to do tax audit......mean to say have some his business income after going through his pass book(cash deposit in bank) and show such income under capital gain.....

hello,

There wont be any tax audit....

calculation and explanation as follow:

1. equity 140000.

2. intraday loss of 1200.

3. turnover for purpose of tax audit in F&O is 916000

so net turnover is 10,54,800...

No need of tax audit. Generally there are many conditions to be satisified to prove it as speculation or business income... Also for F&O you have to calculate the total of profit and loss for purpose of turnover to check the applicability of tax audit.. In your case it wont be there.....

Business 40 Lakhs

Profession 10 Lakhs

dear shivang sir

please tell me that how come is the f & o turnover is the sum of the profits and losses from it

yes the above one is correct... i sent u PM also.. do refer it...

Yes always file ITR even if ur income dont exceed the limit.. Its not for today...

Relation to your question:

If you want to consider it as business income than file ITR and in future years also you have to treat it as a business income only.....You cannot change it to STCg or speculative......

I will suggest it to file ITR without the business income...provided the trading is not regularly.... and not in good quantity..... 1.35 crore turnover is nothing in F&O.....

but intraday will alwayz be considered as business profit or loss...

sir can u plz clear me the concept of f&o here????????????

@ neha what exactly you want to know....definition or tax audit impact of F&O?