I am trading in option (delivery position ) mainly square off intraday & next day. but i am confusion regarding turnover for tax audit purpose. I have the following questions please help me out.
I think tax audit limit turnover is 1 crore - but how to calculate this - when i generate tax p&l from zerodha it shows 1.75 crore taxable turn over - is it correct ? But for FNO turn over should be the difference between the position say it is the sum up of profit & loss. But i think they calculated on total sell premium .
If i declare the income under 44AD which ITR form is applicable? and B/S, P&L required.
For trading in Market profit is uncertain - in that case we need to pay the Advance tax? My some of profit is receive in last qtr only
If declared income under 44 AD is it required to pay advance tax ?