Can a person file ITR4s without any problems after notice under 142(1) to file return if
Only income is from futures trading
turnover less than 1 cr (total of all positive/negative balances at each expiry)
profit more than 8%
Kindly help
Can a person file ITR4s without any problems after notice under 142(1) to file return if
Only income is from futures trading
turnover less than 1 cr (total of all positive/negative balances at each expiry)
profit more than 8%
Kindly help
If your profit is more than 8% and turnover less than 1 cr, just use a normal ITR4. You will not need an audit.
Using ITR 4S is not really preferable, especially in the business of trading on capital markets. Check this: http://zerodha.com/varsity/module/markets-and-taxation/
Best,