“Also note that if your total gross total income ( trading + salary or other business) is lesser than rs 2 lks, you dont need an audit even if your profit is less than 8% of your turnover or if turnover for the year is > rs 1 crore.”
i dont have any salary …i do trading …and my profit is less than 8% …still i have to audit my book with a ca .
Bipin,
If your total income (salary + trading + any other) is less than 2lks, this means that you don’t come under any tax slabs. In this case, you don’t need any audit irrespective of how much turnover or profit to turnover % as there is no income tax to be paid.
sir then what about section 44ad?
Yes Bipin, Section 44AD is applicable only if you have some kind of income. If you don’t have any income at all (less than tax slab), it doesn’t apply
sir …then i dont have to check my book but just i have to pay tax on short term capital gains right .
bipin, if you are in net less than 2 lakhs profit, you dont need to pay anything, even short term capital gains tax. But if you are in losses, you can file ITR so that losses can be carried over to next year.