Looking for a CA for help in derivative trading taxation

[GD_Indo_US]

I'm also starting to evaluate direct shares software. In fact, I wasn't able to upload any contract note, but then I called up Nathan this past Friday and he was super responsive. He used teamviewer to temporarily disable antivirus and then the software worked fine.

I've not been had a chance to work more on the software, so let us know how it goes, and i will update once i familiarize myself with it as well.

 

[stockmaverick]

This is absolutely true, due to section 44d, it is essential to get audited to carry forward loses. I paid my CA to do it for this year and I have already filed. Better to pay up and concentrate on trades rather than deal with queries later

What I wanted to ask was that if I do not want to carry forward losses or set off against other income, is it still important to get tax audit done and file ITR-4? Based on Ritesh's reply, it seems I should still get tax audit done and report losses even if I am okay with not carrying them forward.

 

[stockmaverick]

Anyone tried taxmantra.com for tax audit and returns filing? Would they be reliable and correct in getting everything done.

 

[Smart_trade]

I'm also starting to evaluate direct shares software. In fact, I wasn't able to upload any contract note, but then I called up Nathan this past Friday and he was super responsive. He used teamviewer to temporarily disable antivirus and then the software worked fine.

I've not been had a chance to work more on the software, so let us know how it goes, and i will update once i familiarize myself with it as well.

Please give your feedback about DirectShare software. Is it easy to use ? Many traders will need to get correct figure of their turnover in F & O as per IT calculations to decide whether audit to be done or not.

Can someone make an Excel utility for calculating turnover ? Profit/loss we can get from the ledger .

Smart_trade

 

[sakiv]

in options only the selling premium received will be included in turnover.
.............
CA. Ritesh Bafna

Sir, plz look at mine query here and reply

 

[sakiv]

Please give your feedback about DirectShare software. Is it easy to use ? Many traders will need to get correct figure of their turnover in F & O as per IT calculations to decide whether audit to be done or not.

Can someone make an Excel utility for calculating turnover ? Profit/loss we can get from the ledger .

Smart_trade

Sorry if i will sound rude, not sure about experience but you are with traderji since 2008, and higly knowledgable so can assume safely trading exp of more than 5 years.

confusion is that here you mentioned software many time, but not how you filed your returns all these years??? i am NOT saying you are associated with any tech co.

But it is difficult to get in my stupid mind, you always helped everyone, wrote more than 4000 posts about trading, and they are too good,
still not able to find a single post how you or your CA filed income tax return, and how calculated all figures in those 4-5 years???!!!

forgive me if i am wrong as search is not able to take me there, if anywhere you have posted, plz post link to help newones.

 

[Smart_trade]

Sorry if i will sound rude, not sure about experience but you are with traderji since 2008, and higly knowledgable so can assume safely trading exp of more than 5 years.

confusion is that here you mentioned software many time, but not how you filed your returns all these years??? i am NOT saying you are associated with any tech co.

But it is difficult to get in my stupid mind, you always helped everyone, wrote more than 4000 posts about trading, and they are too good,
still not able to find a single post how you or your CA filed income tax return, and how calculated all figures in those 4-5 years???!!!

forgive me if i am wrong as search is not able to take me there, if anywhere you have posted, plz post link to help newones.

I have been filing my Income Tax Returns for last 21 years and I have always got my accounts audited by a Chartered Accountant . And as I am keeping the books of accounts and getting my accounts audited, this calculation of turnover and profit/loss as percentage of turnover is never an issue. But from last year ,Govt has included F & O trading in presumptive taxation and hence all derivative traders need to know the profits in relation to their turnover as defined by income tax.

I am thinking of buying this software myself and got a trial version installed only yesterday. Once I see how the contracts are uploaded ,ledgers uploaded etc I will buy the same by paying to the software company. I just wanted to get feedback from few others who have tried this software trial version, and I guess there is nothing wrong in that.

Smart_trade

 

[sakiv]

I have been filing my Income Tax Returns for last 21 years and I have always got my accounts audited by a Chartered Accountant . And as I am keeping the books of accounts and getting my accounts audited, this calculation of turnover and profit/loss as percentage of turnover is never an issue. But from last year ,Govt has included F & O trading in presumptive taxation and hence all derivative traders need to know the profits in relation to their turnover as defined by income tax.

I am thinking of buying this software myself and got a trial version installed only yesterday. Once I see how the contracts are uploaded ,ledgers uploaded etc I will buy the same by paying to the software company. I just wanted to get feedback from few others who have tried this software trial version, and I guess there is nothing wrong in that.

Smart_trade

took my point totally wrong. sorry if in anyway you found it hurting.
there is nothing wrong in asking about software.
point was after filing returns for so long, definitely you mention trading income. right? and you are always helpful to others whether its a matter of trading or otherwise, how come you never posted how your CA do all these calculations, even seeing so many traders struggling to know the right way, because whether in profit or loss your CA should have mentioned turnover etc details. and these confusions are there atleast since 2008-09 as there are posts on all over internet, in yahoo answers/tax forums... about turnover calculation, option turnover calculation, about whether to mention as specualtion income or business income etc.

didn't posted to questioning your post, but to get help after being fed up of searching, so plz plz if you ever posted any details about how your CA calculate turnover etc, plz post a link, if not then plz plz help us new traders how your CA calculate turnover for different segments and also if you can tell what is the compulsory limit for audit specially for traders having loss.

cant express, how grateful i will be if you can help.:thumb:

 

[sakiv]

Please give your feedback about DirectShare software. Is it easy to use ? Many traders will need to get correct figure of their turnover in F & O as per IT calculations to decide whether audit to be done or not.

Smart_trade

talked to directshare representative, he said that they can't assure anything about reports b/c they are adding reports as per individual requirements NOT by following ICAI or IT depart. , if you need any particular type then tell details they will add.

when asked how they calculate turnover for F&O, said using net values of trades both segment, when asked but CA told me to calculate turnover for options by adding selling price, then he said they can add reports like that.

 

[ritesh.bafna88]

i will clear all the queries without any hesitation.

being the 31st july as the due date please bear with me for the delay in explanations.

i will also make an basic excel utility for all which will facilitate turnover calculation

thank you

CA. Ritesh Bafna