Change in Methodology used for Options Turnover Calculation in Tax P&L Report Causing problems

@nithin Until a couple of weeks ago, my tax P&L was showing a turnover of more than 10 crores. Since this means a tax audit was required, I have not filed my ITR yet because the deadline for filing ITR when tax audit is applicable is October 31st.
However, when I downloaded the tax P&L report from console, to send it to my auditor to get my tax audit done, I was surprised to find my turnover is now only around 3 crores. I searched a bit and found that this is because of a recent guidance note issued by ICAI which resulted in a change in the way options turnover is to be calculated.

This has created a big problem for me.

According to my auditor, if turnover is more than 2 crores but less than 10 crores and cash transactions are less than 5% of gross receipts/payments, then tax audit is not applicable and it cannot even be done even on a voluntary basis. This is because in tax audit form 3 CD, the CA needs to indicate the relevant clause of section 44AB under which the audit has been conducted. None of the options provided there will be applicable.
You can read more about this issue over here

Now the only option available for me is to file a belated return without a tax audit. Although I do not mind paying a penalty of Rs. 5000, filing a belated return will also mean I cannot carry forward short term/long term capital losses

So, I was wondering if it is possible for Zerodha to provide the tax P&L containing the old turnover calculations, so that I can use that for the tax audit this year and can shift to the new turnover calculations from the next assessment year onwards.

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@Roy, unfortunately, this won’t be possible. But you can always edit your tax P&L manually and use it to file ITR. In any case, turnover calculations don’t affect the quantum of tax. An individual is free to take his or her stance on this topic. Until now, many of our customers were taking the same view as the new ICAI guideline even though our tax P&L was taking a conservative stance in terms of turnover.

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