Hello,
How can I calculate the Profitability?
How do I check my profitability is less than 8% of turnover?
My account details says:
Short term gross profit : ₹4,375.00
Short term turnover : ₹1,00,861.00
So Profitability = 4375.00/100861.00 = 4.337%? So i need CA audit?
If you haven’t done intraday trading, all equity gains can be shown as capital gains. When there is capital gain, you can use ITR2 and there is no concept of turnover/audit.
Turnover/Audit comes into play only if you are showing trading as a business using ITR4 (which is compulsory if you trade equity intraday or F&O).
Check this: http://zerodha.com/varsity/module/markets-and-taxation/