Turnover Amount for Taxation & Audit


#1

Hello @nithin and other fellow traders,

I checked the Q Backoffice -> Reports -> Tax P&L.

As I trade both equities and options, it is showing the turnover numbers for “SHORT TERM TURNOVER”
and for “OPTIONS TURNOVER”.

Please could you help with the following:

  1. What are the necessary thresholds for the above two numbers that require an individual like me to go for audit?
    For e.g., I heard that OPTIONS TURNOVER if above 1 Crore needs tax audit…(not sure about SHORT TERM TURNOVER threshold)…Can you pls confirm the precise values for both these?

  2. What is needed for tax audit? Like, I suppose I need to approach a CA with a printout of this tax report, and what should I expect the CA to do - like does he verify and stamp the report that I need to scan and upload on incometaxindia website?

As tax-filing deadline is approaching, your prompt response will be really helpfull.

Many Thanks
SSeth


#2

Have explained in detail here


#3

Thank You @nithin


#4

Can someone guide on self filing of tax and calculations for same .
@nithin it would very if there could be article on varsity with detailed process for filing taxes by oneself.
So there is no need to see a CA for same process. also if there is any website available for the same process,do tell the detailed process in the article.
Thanks.

Waiting for the reply.


#5

@TAXIQ.IN ?


#6

Thanks