How soon can we expect Quicko to introduce a IT Filing platform, which will help in tax calculation for Derivatives trading.
After all regardless of the broker, the PAN Card number is the same.
If you can provide a way by which Income tax department provides u with the permission to calculate the derivative profit and loss on quarterly basis, and notify every single PAN Card holder, would it not make it easier for people to file returns.
Also, what is ur view about the 5 crore limit for Presumptive Tax. Is this justified for Derivative traders, who normally trade 1-2 crores per day. Such people would never get the benefit of SEc 44AD/ADA.
When Income tax department sends noticed based on the size of turnover v/s size of file, is this not incorrect. After all, the definition of Turnover in the physical sense and the derivative sense are completely different.
Your thoughts please....
Please sign in to leave a comment.