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

Are you able to understand the replies and act accordingly to this thread ??

  • Yes, able to understand BUT NOT able to take suggested course

    Votes: 0 0.0%
  • Somewhat able to take desicions, BUT seek professional help in my area

    Votes: 0 0.0%
  • Find it tough to understand the replies hence always seek other professional help

    Votes: 0 0.0%
  • Not able to understand any of the replies !!!

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  • Total voters
    4
  • Poll closed .

canikhil

Well-Known Member
Can a trader file tax under presumptive taxation? ie. considering 50% of turnover as profit?

Or is it easier to file tax considering 8% as profit?

As i am a pensioner and file tax anyway i will have to consider the trading as a business or profession?

Thanks and regards
considered as business...............
 
I have a computers business and I always my ITR under section 44ad. My turnover for my business is 65 lakh.

I have also done lots of options trading in last financial year but I had a overall loss of 1.5 lakh. I sell options worth 35 lakh.

Is it compulsory to include this 35 lakh turnover with my other business turnover? I do not want hassles of audit but I also do not want to pay taxes for this options trading since I didn't earned anything.

I read somewhere that it is upto me to declare myself as trader or investor. If I declare myself as investor, then can escape this situation?
 
I had filed my income tax return form ITR 4 S and later realized i had to get audit done so filled correct ITR 4 and audit report in august 2016 . The return was processed in october 2016 and intimation received under 143(1). Now the status on income tax site has changed form "ITR processed" to "Rectification rights transferred to jurisdictional assessing officer"....looks like my return has been selected for scrutiny yet again.... :-((
 
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canikhil

Well-Known Member
I had filed my income tax return form ITR 4 S and later realized i had to get audit done so filled correct ITR 4 and audit report in august 2016 . The return was processed in october 2016 and intimation received under 143(1). Now the status on income tax site has changed form "ITR processed" to "Rectification rights transferred to jurisdictional assessing officer"....looks like my return has been selected for scrutiny yet again.... :-((
best of luck :)
 

comm4300

Well-Known Member
Iam yet to receive any upadte on my limited scrutiny notice [for AY 15-16]. did visit the IT office and was told they were busy with 14-15. submitted docs and got "tapkal"

IT website login shows "Rectification rights transferred to jurisdictional assessing officer"

does anyone know if these IT officers have any deadline that they have to adhere to?
 

canikhil

Well-Known Member
Iam yet to receive any upadte on my limited scrutiny notice [for AY 15-16]. did visit the IT office and was told they were busy with 14-15. submitted docs and got "tapkal"

IT website login shows "Rectification rights transferred to jurisdictional assessing officer"

does anyone know if these IT officers have any deadline that they have to adhere to?
they will be finishing by december end,
 

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