Tax Audit requirement and taxable income

[Sanyam_Sethia]

My Futures and Options turnover is 1.5 Cr and profit is 15 lakhs. Can I show income at 6% or 8% under presumptive taxation scheme or I have to conduct tax audit.

[Meher_Smaran]

Hi @Sanyam_Sethia

This topic was discussed in detail in the below thread

FnO and Presumptive Taxation

Hi @nituldas, Under the presumptive taxation scheme you need to report higher of the following: Profits @ 6% of the turnover or actual profits. In case your actual profits are higher than 6% of the turnover, you should report the actual profits. You can read more about the presumptive taxation scheme u/s 44AD here

Would request you to check it out once. If you have any further queries on this, @Quicko will help us out with the answers