Sir,
There is no cheap trick here.
If you are really interested to get your accounts tax audited, please do so and as you know, tax rules keep getting updated and the provisions related to tax audit and 6% loss are tricky and need interpretation keeping in view different cases for different individuals which only professional tax experts whom you directly consult can help.
Our view was tax audit is not needed if turnover is less than 10 crore for F&O as all the transactions are digital.
Why all this distraction and unnecessary mud slinging when someone on the other end wants to help you.
We are here for discussing queries related to markets and taxation.
Have a great weekend.
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No one is mud slinging, we are well within the boundaries of asking queries, when we get 2 different answers from the same institute, that’s when we get confused and loose confidence…
The trick part: Till yesterday the link shared was clearly stating below 2cr and 6% tax audit is applicable… today just before the reply the link was updated(look at the update date) and instead of posting an answer like what you just did (where it could have said rules keep changing, and according to our updated understanding now above 10cr turnover need tax audit) the reply was “According to article as well”(as if the article always read the same)
That is the trust part, I assume everyone wants community to get correct and upto date answers… rather than proving them you read it all wrong…
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Quicko’s article used to say the opposite till yesterday. They changed the article and pretended that their article always said what it says right now.
Why this unnecessary stuff? Would sky have fallen down if they admitted that their article was outdated and they have updated it just today with their current understanding.
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I checked around local C.A’s, intrestingly balance sheet is needed in either case and it has to be of all the accounts that P.A.N holds which is costly n big task for someone who just wanted to get his feet wet in FnO trading… but intrestingly few options were suggested…
- Do a smaller level balance sheet(clealry stating its not audited) if notice comes for such small turnover then we have make one and refile
- Show profit of 6% instead of loss of 20k on the 1L turnover and pay its 30% which doesnt require book keeping or balance sheet according to the rule.
Second one sounds intresting and attractive from cost standpoint for such low turnover
Opinions? Doesnt feel legit, but then i am only fooling myself isn’t it?
This is what people should be told before they enter into FnO section in my opinion.