Nikhil Sir,Let me ask you one more time correctly to avoid further confusion(connected keyboard to type
)
Year 1-my TO is 1L,so I declare 8% which is hardly 8k as a profit.
Year 2- say my TO is likely 1Cr,so declaring 8%(8L profit) is too much when in actual my profit is very less(or some loss).So in this situation,we can do audit instead of declaring 8%.
Year 3-I dont do any trading
Year 4-I do some f&o again....here what is applicable? 8%(6% now) rule or audit again as I did audit in Year 2.I have to adjust my loss.