@aja
I trade futures (crude & bnf) much more, then weekly options...
My profit above 8% of turnover. No audit.
My CA cleverly reduced the turnover and escaped 2Cr limit.:lol:
I don't have much time to check all laborious turnover calculation...Initially, I thought he don't calculate Premium on Sell Side for options...
But later I found he calculated
Scrip wise turnover(Avg buy/sell of all trades on the particular contract, say nifty may17) not Trade wise.. which is very much legal...
For last 3 years he is doing so..
You can make script/contract wise calculation to reduce turnover down.
But assuming, you are in loss or less than 8% of profit, if your total gross income is above the taxable limit of Rs 2.5lks ... An audit is required...
If u r in loss or less than 8% profit, pls don't try to show profit 8%+ to escape audit, it can complicate the situation.
Always file in advance, so that u can get scrutiny notice turnover calculation is wrong and have enough time for resubmitting...
But never show wrong profit loss..Don't make situation complicated...
IT only want the business turnover and if any tax due..
also 8% is a complicated issue.. I think, some new rule.. u need to follow same way for next .. years...not good for future filling... IMO..
Thats all what I know.. We just need to find a very good CA who can handle confidently any scrutiny notice(if come).