Wow, I got it, the penalty for the wrong turnover can be 1/2% of turnover with a maximum limit of 1.5 lakh.. I probably saved already saved 50,000 in 3 years..
A risky trade is going..
Or maybe my CA knew it all, thre is gray area.. he can handle the case. Maybe very rare case that IT slap a big penalty on a F&O trader, just for trading options when no tax is due.
He said most of the cases a scrutiny notices will come quickly, that a full audit is required.
Another important thing he always filed earliest. So difficult to impose a direct penalty as there is time to resend. Now a delayed scrutiny notice is a rare case.
I think he took the calculated risk. But this is not advisable, probably... unless CA is good and confident that he can handle the consequences easily..
A risky trade is going..
Or maybe my CA knew it all, thre is gray area.. he can handle the case. Maybe very rare case that IT slap a big penalty on a F&O trader, just for trading options when no tax is due.
He said most of the cases a scrutiny notices will come quickly, that a full audit is required.
Another important thing he always filed earliest. So difficult to impose a direct penalty as there is time to resend. Now a delayed scrutiny notice is a rare case.
I think he took the calculated risk. But this is not advisable, probably... unless CA is good and confident that he can handle the consequences easily..