Presumptive taxation for purely trading income

This query is : Resolved

Sachin Singh (Querist)
Follow

20 June 2024 Hello, if someone has purely trading income of say Rs 30L, and turnover is apx. 60L, then can taxes be filed under presumptive basis?

By this, tax being paid is 0 as 6% turnover formula would be applied, whereas otherwise, tax being paid would be much much more.

Since the exchanges/brokers send the data to the IT dept., they would be having the actual P&L of people. So, is it advisable?

(And of course, if one goes for the presumptive route here, same would have to be used for the next 5 years)

Thank you.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

21 June 2024 Yes, in this case ITR can be filed under presumptive basis with zero tax.
Income tax department can't take any action based on actual p and l statment.

Message likes : 1 times