Fire your tax related queries and i would get it solved!!!

[canikhil]

I dont fall under 44AD,but the income from other sources+FD=2.5L.
F&O trading is in loss,but no audit case.So I told my CA to file a normal return.But he filled a column under 44AD section,thus the return is defective.Its asking to upload Balance sheet and all that stuffs.

never expected such a mistake from a CA who's a full time working under a reputed firm.

So,how to find a good CA with f&o knowledge?You know,I know this auditing stuffs etc just because I trade with Zerodha and I got Traderji as a platform.Else other brokers dont even tell their clients that there's a thing called auditing.I was one of them when I started.

There's still a lot of illiteracy among traders and f&o auditors and thats why they differ in their views lekin Kitab to ICFAI ki hi padhi hai naa?

There is a lot of illiteracy among CAs when it comes to F&O!!

 

[oi trader boi]

I first visit with my CA personally on Tuesday,(tommo is holiday).If he fails to revert the return,I contact you.
Just a small query-If my CA didn't take any action on this notice then within 15 days,my return will be considered as invalid.
What if I didnt re-file the return again?

 

[oi trader boi]

Nikhil Ji,do you handle audit cases outside the Mumbai?Cases Almost 1000km away from Mumbai.

 

[canikhil]

I first visit with my CA personally on Tuesday,(tommo is holiday).If he fails to revert the return,I contact you.
Just a small query-If my CA didn't take any action on this notice then within 15 days,my return will be considered as invalid.
What if I didnt re-file the return again?

then it would be considered as you have not filed the return at all!

 

[canikhil]

Nikhil Ji,do you handle audit cases outside the Mumbai?Cases Almost 1000km away from Mumbai.

as long as you are ok with handling conversations over email and phone.

I must warn that sometimes delays happen on my side. But I do meet the due dates!

 

[niftygupshup]

One can not adjust business loss with salary income. Ok

But one can adjust business loss with income from other business. Right
And one can adjust business loss with income earned from other sources head, like interest earned from bank FD. Right.

My query

- What are the income from other sources head that are allowed for such adjustment

- Is income from house property, allowed to adjust with business losses

- How about short term capital gains. Whether allowed or not for such adjustment.

Thanks

 

[Smart_trade]

One can not adjust business loss with salary income. Ok

But one can adjust business loss with income from other business. Right
And one can adjust business loss with income earned from other sources head, like interest earned from bank FD. Right.

My query

- What are the income from other sources head that are allowed for such adjustment

- Is income from house property, allowed to adjust with business losses

- How about short term capital gains. Whether allowed or not for such adjustment.

Thanks

I don't think one can adjust trading loss in income from other sources like FD interest,income from house property etc.Trading loss can be only adjusted in income from business and profession .So if you have Rs 1 lakh as a trading loss and Rs 3 Lakhs as consultancy business income ,that can be used to adjust trading loss of Rs 1 lakh giving net income from business and profession as 3-1= Rs 2 Lakhs.

Short term capital gains cannot be used to adjust trading loss as both fall in different heads.Short term capital gains can be adjusted against short term capital loss only.

Nikhiljee can explain this more.

Smart_trade

 

[canikhil]

I don't think one can adjust trading loss in income from other sources like FD interest,income from house property etc.Trading loss can be only adjusted in income from business and profession .So if you have Rs 1 lakh as a trading loss and Rs 3 Lakhs as consultancy business income ,that can be used to adjust trading loss of Rs 1 lakh giving net income from business and profession as 3-1= Rs 2 Lakhs.

Short term capital gains cannot be used to adjust trading loss as both fall in different heads.Short term capital gains can be adjusted against short term capital loss only.

Nikhiljee can explain this more.

Smart_trade

you can adjust business losses against house property income, STCG, LTCG and income from other sources (this primarily include interest). Income from from other sources such as "income from owning horses", lottery etc cannot be used for set-off.

 

[jain.er]

there is a saying
chit bhi meri, pat bhi meri anta mere baap kaa.
Means, do/choose whatever, its me who has the last laugh

So is our IT department,
do whatever, its we (the ITO) who has all doors open, to trouble you.

Ridiculous rules, (particularly for FnO/option trading)

So it would be best to have friendly relations

See as a assessing IT officer you have nothing too loose even if you are wrong. So he can call for anything and accesee has everything to loose, his best out come is a headache and few work days last and few thousand spent on CA

Sent from my AO5510 using Tapatalk

 

[Bhairava]

If my CA didn't take any action on this notice then within 15 days,my return will be considered as invalid.
What if I didnt re-file the return again?

then it would be considered as you have not filed the return at all!

Can we jump return if the previous return has considered invalid?
Just ignore this year return and file the return or audit next year,possible?
2014-15-Return filed
2015-16-no return filed
2016-17-return filed
2017-18-no return filed
2018-19-no return filed
2019-2020-return filed

like this,is valid Sir?