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

[canikhil]

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...............

 

[MewarLion]

Supreme Court ruled Aadhar not manadatory for filing tax returns for the time being

 

[aja]

Supreme Court ruled Aadhar not manadatory for filing tax returns for the time being

Those who has aadhar needs to link with PAN.. Frankly no relief from SC. Uphold aadhar legislation.

 

[canikhil]

Supreme Court ruled Aadhar not manadatory for filing tax returns for the time being

remember that in case you have aadhaar already, then it is mandatory to link aadhaar with PAN by 30th June.

 

[joetyson]

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?

 

[FnOtrader80]

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.... :-((

 

[canikhil]

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

 

[FnOtrader80]

best of luck

Thank you Sir, so i reckon my guess was right ...

 

[comm4300]

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]

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,