Tax details: intraday trading in futures and options

madhavareddy1203

Well-Known Member
#1
Hi guys,

I worked as a sw engineer up to 2011 march in mnc company. then after i left my job and choosed trading as my career. i have paid all incom tax completely up to 2011 march.

After 2011 in my trading career i lost almost 20lakhs. i took money from my friends and relatives.( without documents.) 2 yrs i didnt py any tax.. or not sumit any returns.


from last 3 months im earning good amount ( around 5 lakhs pm0 by trading in futures and options. still around 5 lakhs in debts... any way im happy with trading.... going good. im intraday trader and trading only futures and options, and commodities.

Already govt deducting stt, stamp etc all in my contract notes. now my doubt.

Still im in 5lakhs loss. but i earned good amount from 3 months. is i have to pay incom tax??

1.How much tax i have to pay?

2.may i know whom i have to contact for genunine details? how much they charged?

3. 2 yrs i didnt file any details? is any problem for me with govt? how can i cover all this penalties?

4. how much penalties i have to pay?

5. Plz provide me who are good in incomtax in mumbai?? any of ur friends or relatives??

6. every day im trading F&O.. how to show everything details to incomtax people.
 

sumosanammain

Well-Known Member
#4
Hi guys,

I worked as a sw engineer up to 2011 march in mnc company. then after i left my job and choosed trading as my career. i have paid all incom tax completely up to 2011 march.

After 2011 in my trading career i lost almost 20lakhs. i took money from my friends and relatives.( without documents.) 2 yrs i didnt py any tax.. or not sumit any returns.


from last 3 months im earning good amount ( around 5 lakhs pm0 by trading in futures and options. still around 5 lakhs in debts... any way im happy with trading.... going good. im intraday trader and trading only futures and options, and commodities.

Already govt deducting stt, stamp etc all in my contract notes. now my doubt.

Still im in 5lakhs loss. but i earned good amount from 3 months. is i have to pay incom tax??

1.How much tax i have to pay?

2.may i know whom i have to contact for genunine details? how much they charged?

3. 2 yrs i didnt file any details? is any problem for me with govt? how can i cover all this penalties?

4. how much penalties i have to pay?

5. Plz provide me who are good in incomtax in mumbai?? any of ur friends or relatives??

6. every day im trading F&O.. how to show everything details to incomtax people.
The entire 20 lakhs would have been tax deductable if you had files returns... Now, its a normal filing forgetting your previous losses and paying normal taxes.
 
#6
Hi guys,

I worked as a sw engineer up to 2011 march in mnc company. then after i left my job and choosed trading as my career. i have paid all incom tax completely up to 2011 march.

After 2011 in my trading career i lost almost 20lakhs. i took money from my friends and relatives.( without documents.) 2 yrs i didnt py any tax.. or not sumit any returns.


from last 3 months im earning good amount ( around 5 lakhs pm0 by trading in futures and options. still around 5 lakhs in debts... any way im happy with trading.... going good. im intraday trader and trading only futures and options, and commodities.

Already govt deducting stt, stamp etc all in my contract notes. now my doubt.

Still im in 5lakhs loss. but i earned good amount from 3 months. is i have to pay incom tax??

1.How much tax i have to pay?

2.may i know whom i have to contact for genunine details? how much they charged?

3. 2 yrs i didnt file any details? is any problem for me with govt? how can i cover all this penalties?

4. how much penalties i have to pay?

5. Plz provide me who are good in incomtax in mumbai?? any of ur friends or relatives??

6. every day im trading F&O.. how to show everything details to incomtax people.

It is better to approach a chartered accountant and get it clarified instead of paying penalty.
 

hitesh

Active Member
#7
1. Trading Loss of one financial year can be claimed as a set off against trading profit of the next financial year/s provided returns of income are filed in time / before due date (for the loss making financial year).

2. The due date for filling tax return for year ending March 2012 was July 2012.

3. Since you have not filed your tax returns for Mar 2012, the loss incurred (if any) for the year ending Mar 2012 will not be available for set off. However, if you have made any profit, the tax on the same need to be paid.

4. The due date for filling tax return for the year ending Mar 2013 is July 2013.

5. You have not given year wise breakup for the loss of Rs. 20 Lacs which you have incurred.

6. If majority of this loss pertains to the year ending Mar 2013, you should ensure to file return before July 2013. In such case, you will be able to claim set off of such loss against income of the Mar 2014.

7. In short, Loss, if any, for the financial year Mar 2012 shall not be available for set off against profit. However, loss, if any, for the financial year MAr 2013 shall available for set off, if returns for the Mar 2013 filed before due date.

Hope its clear.
 

madhavareddy1203

Well-Known Member
#8
Hi guys,

Thanks to alll...

ur replys very useful to me.

will contact any ca and explain my all situations..

is govt put case against me?

may i know approx CA charges... approx

thanks again and again to allllllll
 

umeshmandal

Well-Known Member
#10
Was this all a ploy to draw attention to your Option Calls and project them as Super Return giving Rs.5/- Lakh as profit in a month !
It seems so to me ! What you have mentioned is you took 20 Lakhs from friends and relatives without documents so I presume it was in the form of CASH and you also must traded, if at all, in some "properitory" account and settled the Loss in Cash ! So there is no question of paying any Income Tax or filing a return. Its such a silly way to attract attention ! A person who can loose 20 Lakhs is asking on an open Forum where to seek Taxation Advise ... lolz its too much !!! I would have also accepted your post at face value had you not Posted the link to your Option Call thread ! And to top it you even posted a link to this thread in Derivative section!! Grow up man !!!! :D
 

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