Dear Friends, I have 1 lakh annual salary and some investment income (share + FD + Mutual Fund). In addition, I bought and sold a few single stock futures throughout the financial year.
Based on the the aggregation of difference method (Section 44AB),
Total Turnover = Rs 2 Lakhs
Total Profit = Rs 13 thousand.
My options:
1.) Declare Rs. 16,000.00 (8% of 2 lakhs) as deemed profit and no audit required.
2.) Declare Rs 13 thousand as profit, but will need to get audited since 13 < 16 (8%)
3.) No other option: If I declare the actual Rs 13 thousand as profit, audit has to be done.
Is the above correct?
Is the above correct?
Thanks, Jay
CAclubindia
