Do I need an Audit

Taxation
1

Dear All,

I am salaried person having annual salary of 4 lakhs. A
long with it i do trading my trading details fr (FY17-FY18) is as below

INTRADAY GROSS PROFIT: 936.70
INTRADAY TURNOVER: 1,708.90
SHORT TERM GROSS PROFIT: 15,595.05
SHORT TERM TURNOVER: 3,42,266.30

1)is Audit is mandatory for me ?
2)how to pay tax for my gains ?
3) which ITR form should i use ?

kindly clarify these queries

Thanks

2

Not Required as your profit is more than 6% of turnover for business turnover . Again it depends how you classify your trading activity

3

@TAXIQ.IN Sir, Which ITR Form should use for above trading activity?

4

You can use ITR 3 or 4

5

How i can pay tax for this STCG

6

As per the above furnished data SHORT TERM TURNOVER: 3,42,266.30 .
6% of that is around 20.5K and my short term profit is around 15K , which is less than 6% of turnover. please correct if am wrong here .

7

Turnover is the absolute sum of profit and loss. i,e, U have to add up all the profit and loss of the whole period and then check whether the 15K the profit u made is more than or less than to the 6% of the calculated amount. If u are a zerodha trader u have all the details in q portal under TAX P&L.

8

yes i am using zerodha the above deatils i have taken from Q back office under tax P & L.

9

so as per the above data do u know what is this amount
SHORT TERM TURNOVER: 3,42,266.30

10

I assume it is the turnover for tax calculation.
Even if the profit is less than 8% of the Turnover audit is not required as the turnover is less than one crore.

11

U can pay tax when u r filing the return.

12

I am salaried person having annual salary of 4 lakhs. A
long with it i do trading my trading details fr (FY17-FY18) is as below (taken from zerodha Tax P& L)

INTRADAY GROSS PROFIT: 936.70
INTRADAY TURNOVER: 1,708.90
SHORT TERM GROSS PROFIT: 15,595.05
SHORT TERM TURNOVER: 3,42,266.30

1)is Audit is mandatory for me ?
2)how to pay tax for my gains ?
3) which ITR form should i use ?

kindly clarify these queries

Thanks

13

Thanks for the replay .in zerodha below statement was given that made this confusion
"Where, audit is required if

If turnover < ₹1 crore and profitability is less than 8% of turnover (Section 44 AB)"

14

First to all there is different method to calculate the turnover to know whether audit is required or not…all your profit or loss in INTRA DAY TRADING would be added & in case delivery based transaction then take total sell amount …6% or 8% is used when assessee opt for PRESUMPTIVE tax scheme …otherwise normal PL for the business will be made to arrive taxable profit…

1 Like
15

Hi
Below is my Tax P&L from zerodha for FY 17-18

Equity:
INTRADAY GROSS PROFIT= -37,695.80
INTRADAY TURNOVER= 48,014.10
SHORT TERM GROSS PROFIT =-826.45
SHORT TERM TURNOVER= 1,76,949.70
LONG TERM GROSS PROFIT= N/A
LONG TERM TURNOVER=N/A
TOTAL CHARGES= 9,894.31

F&O

FUTURES GROSS PROFIT= N/A
OPTIONS GROSS PROFIT= 8,396.25
TOTAL GROSS PROFIT= 8,396.25
FUTURES TURNOVER= N/A
OPTIONS TURNOVER=2,02,732.50
TOTAL TURNOVER= 2,02,732.50
TOTAL CHARGES=2,077.39

Do I need to give any tax this year as my salaried income for FY 17-18 is 2.2L, Also Audit is required or not?