Query on 8% presumptive taxation
Hi,
AY 2016-17 I did some option trade.Turnover was hardly 20Lakhs.So someone suggested me to declare 8% as a profit to avoid audit..I did that though my income was below 2.5Lakhs..
Now I come to know that if you take 8% presumptive taxation scheme,we cant change it for next 5 yrs,so my query is-
1)Do I need to file 8% of turnover compulsorily if my turnover exceeds 2crs mark(by trading options)? or audit is still applicable?
Last year(FY 2017-18),I didnt do any option trading..my Equity turnover is hardly 2.18Lakhs..My overall income is below 2.5Lakhs.
My query is-
2)Can I skip filing the return completely for next 2-3yrs i.e,untill I make above 2.5Lakhs,I dont want to file any return...Is it Ok?
3)Filling under 8% is my mistake,so do I need to compulsorily file return for next 5yrs??(income is below 2.5Lakhs)
Pls reply.
-wa
Hi,
AY 2016-17 I did some option trade.Turnover was hardly 20Lakhs.So someone suggested me to declare 8% as a profit to avoid audit..I did that though my income was below 2.5Lakhs..
Now I come to know that if you take 8% presumptive taxation scheme,we cant change it for next 5 yrs,so my query is-
1)Do I need to file 8% of turnover compulsorily if my turnover exceeds 2crs mark(by trading options)? or audit is still applicable?
Last year(FY 2017-18),I didnt do any option trading..my Equity turnover is hardly 2.18Lakhs..My overall income is below 2.5Lakhs.
My query is-
2)Can I skip filing the return completely for next 2-3yrs i.e,untill I make above 2.5Lakhs,I dont want to file any return...Is it Ok?
3)Filling under 8% is my mistake,so do I need to compulsorily file return for next 5yrs??(income is below 2.5Lakhs)
Pls reply.
-wa