I recently started option trading and for this year i have clocked 9 lakhs in turnover but i have incurred a loss of 18000.
So on what amount do i pay tax on 9 lakhs or on 18000(carry forward)? If 9 lakhs is the amount i have to pay tax then i would never be able to be profitable after taxes!!
Also, I am pretty confident I will surpass 1 crore limit, so what happens next?
I will have to get my accounts audited, I read about that…
Why are people scared because of that?
Also, what happens if my net profit is less than 8% of turnover (lets say 1 crore) ???