My Stock trading turnover is > 1Cr. but < 10 Cr. and no expenses in cash.
Now, while filing ITR, some of the questions like a2ii below seem confusing. Will appreciate expert opinions to confirm if the answer to a2ii below should be YES/ NO.
- a2i: Whether during the year Total sales/turnover/gross receipts of business exceeds Rs. 1 crores but does not exceed Rs. 10 crores? - YES (No confusion here)
- a2ii: If Yes is selected at a2i, whether aggregate of all amounts received including amount received for sales, turnover or gross receipts or on capital account like capital contributions, loans etc. during the previous year, in cash, does not exceed five per cent of said amount? - YES/ NO (Here is the confusion.. Whether Yes means - Yes, the statement is correct and cash transactions does not exceed 5%? or YES would mean it exceeds 5% and then NO should be the option.
CAclubindia
