I am little confused with taxation. There is one clause which says, if you are under taxable limit, have turnaround less than 2cr and have made profit less than 6% and then you need to get audited. This is confusing.
I am a freelancer. My income comes under taxable limit. I have turnaround (Intraday) of Rs 210.50 and loss of 104.50 in the previous financial year. So, turnaround is less than 2cr and have made profit less than 6%. Do I have to get tax audit?
I have paid taxes on my freelance income (TDS) but it sounds crazy to get tax audit in my case. Please correct me if I have interpreted clause incorrectly.
Like to hear it from salaried professionals who also trade in intraday. How do you file your returns? Do I have to use ITR4 in my case? Please elaborate with examples.
You can merge all Income while IT return and if you adds up both the income ie trading + Freelancing your profit will be more than 50 Lacs ( Professional Income ) or 2 Crore (business Income ) . Audit wont require if you meet the criterion. File the Return with true earning after clear workings.