Multiple Queries by first time trader regarding taxation!

Hi,

This is the first time i am into trading and have many questions regarding taxation after reading the post on z-connect, hope you answer them patiently :slight_smile:

  1. When i checked my account, its showing turnover as 1.4 crores and i have loss of about 1 lakh and other expenses.

So, I need to have audit done, right?

  1. Where can i find auditor? Will zerodha recommend some auditor, so that i can pay them and get auditing done? How much they charge for auditing?

  2. Before zerodha, I traded with other broker tradesmartonline where I had a profit of 1 lakh. So i need to declare both as turnover and both can be included in one audit report?

4.What are all the documents I need to submit for Auditor?

  1. After getting auditing done, I need to submit the report along with ITR(4) and thats it, right?

  2. This year i have overall made nothing in trading. Suppose if i make profits, how should i pay tax for it?

Thanks.

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  1. Yes

  2. Auditing can cost between 10k to 50k based on who u use.

  3. Yes

  4. P&L statements, ledger, bank statements with a note on what expenses are for.

  5. Yes, the CA will do the filing also.

  6. You pay taxes based on the IT slab you fall in.

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