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What Nithin Kamath says on 'anomaly' of getting tax audit of trading profits
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livemint.comZerodha co-founder and CEO Nithin Kamath on Tuesday said an anomaly in qualified chartered accountant (CA) vetting tax returns if the trading profit is less than 6% of turnover or if the turnover is over ₹10 crore needs to be fixed.
Kamath, who is known for his educational tweets on social media, said requiring all traders to get an audit is maybe an overkill and is against the idea of ease of doing business.
The Zerodha founder feels easing this process will encourage more traders to start filing income tax returns.
"An easy fix is to introduce a new ITR business code for those whose business income is only from trading the markets. Exempt everyone who uses this code from tax audits. If done, many online platforms can give a 1 click
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