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

[princy01]

not necessarily. the audit becomes applicable only if your total income is in excess of the exempted limit and your profit % is below 8% of the turnover.

can you explain with an example ?? because obviously loss means you are under 8% profits , because its not a profit its loss

duh

 

[Satya.]

Whenever you are in loss in fno, audit is a must if you file that loss and carry that forward

not necessarily. the audit becomes applicable only if your total income is in excess of the exempted limit and your profit % is below 8% of the turnover.

can you explain with an example ?? because obviously loss means you are under 8% profits , because its not a profit its loss

duh

Pls cnsider my own ex,I'm in loss(blw 8%),also my ovrall profit iz blw exmpted limit-

Sir,
1-F&O TO=1L
2-25k loss
3-FD interest=31457
4-Cash deposit of 60k(10kX6 times)
5-Total income very below 2.5L

Bank deducted TDS though I submitted 15G,I wnt tht refund of 3794rs

 

[traderniftybull]

It is a sad state that members do not want to spend their own time to read/go through previous pages and want others (those who are ready to help) to answer again and again, the same query.

Really a sad state.

 

[sudhanshuag99]

pls help with my query.
my sister who is studnet with no source of income ever before got cash gift from me of 2.5 lakhs, so its non taxable. from that she did future and options trading in previous financial year. her net result was loss of 15000 rs but turnover due to bulk volume option trading could be very high. i have contract notes from broker of atleast 60-70 days.
I need help to know cheapest online way to do accounting of net turnover, total charges(brokerage stt etc) from those contract notes, so that i could file income tax return on her behalf. any way cheaper that that of cleartax.com
and does she even need to file a return in order to inform about cash gift she received from me or since her net taxable income is even negative, she dont need to do anything.

 

[too_cool]

I don't have adhar yet, as per supreme court ruling, my income tax return will be accepted, am I right?

What is the process to fill return online? What to write in adhaar column while filing return?

Please advise

 

[Prataap_2013]

ITR4 form still not out

 

[canikhil]

ITR4 form still not out

ITR-4 is replaced with ITR-3.

 

[nac]

I have few doubts

#1 How to fill Capital gain section in ITR3? (I have STCG from trading equities/shares)
This is what I have filled so far
* In A3(1) I picked (i)111A [for others] from the drop down
* a) Full value of consideration = Sale value of the shares
* b) (i) Cost of acquisition without indexation = Purchase value of the shares
When I try to save, I am getting error. "Please select whether any amount of unutilized CG on asset transferred during previous years in A7a and B9 of Schedule CG"
* I haven't transferred any money, it just went to my pocket. So I picked 'NO' for A7a and 'NA' for B9 as it has nothing to do with LTCG.

Lines with asterisk (*) are ones I need clarification. Whether what I filled are right or needs correction?

#2 How to show Capital in Balance sheet when it's in negative?
In my balance sheet, my capital is in negative. Can I show as it is? or should I do something else? I have a loan amount to balance liabilities section with asset.
Trading is the only business I do. I have been treating myself and trading business as one entity. So no two separate balance sheet.

 

[nac]

#3 STCG can be set off against loss from trading Futures and options?
As far as I remember we can't set off one head's profit with other head's loss. But when I filled ITR3, STCG is set off against current year's loss in derivatives trading. Is that right? Should I check/uncheck any option in Schedule CG?

If I don't want to set off STCG with loss in derivatives trading, and carry forward the whole loss to next year? Can I do that?

 

[canikhil]

#3 STCG can be set off against loss from trading Futures and options?
As far as I remember we can't set off one head's profit with other head's loss. But when I filled ITR3, STCG is set off against current year's loss in derivatives trading. Is that right? Should I check/uncheck any option in Schedule CG?

If I don't want to set off STCG with loss in derivatives trading, and carry forward the whole loss to next year? Can I do that?

you cannot avoid the set off.