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

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  • Not able to understand any of the replies !!!

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  • Total voters
    4
  • Poll closed .

Satya.

Well-Known Member
Sir,do we need to take in a writing from parents if we receiving Money from them?
I received 2.20L Online Transfer from parents for a Trading.
Is it mandatory to mention this in ITR?
 

Satya.

Well-Known Member
so the conclusion is (for TO less than 2 Cr and actual profit less than 8% (or 6%))

- if one opts for declaring 8% (or 6%) profit on his TO in current year, then he has to do so for next 5 more years
and
- if one opts for audit in current year, then he has to do so for next 5 more years

Am I right.
So the conclusion is-
if declaring 8% of TO is very costly,then go for audit.We cant declare 8% profit on 1Cr TO,its very costly,so better go for audit and pay the tax accordingly.
Else,declare 8% of TO.

Say example,Year 1,2,3 I declared 8% profit because I'm either in a loss or profit is very small.But in Year 4,I did heavy option writting and TO became say 1.50Crs,then we cant afford to declare 8% on this 1.5Crs TO.
So going for an audit is the best option.

That means 44AD and Audit are both Eco-friendly option for a trader.

Is my understanding correct?

traderniftybull Sir and Nikhil Sir?
 
One can receive any amount from relatives (as defined)
(BTW, spouse is not included in the list :D)
The limit of 50K is in case of gift(s) received from friends or persons who are not with in relative definitions, in a FY.
 
So the conclusion is-
if declaring 8% of TO is very costly,then go for audit.We cant declare 8% profit on 1Cr TO,its very costly,so better go for audit and pay the tax accordingly.
Else,declare 8% of TO.

Say example,Year 1,2,3 I declared 8% profit because I'm either in a loss or profit is very small.But in Year 4,I did heavy option writting and TO became say 1.50Crs,then we cant afford to declare 8% on this 1.5Crs TO.
So going for an audit is the best option.

That means 44AD and Audit are both Eco-friendly option for a trader.

Is my understanding correct?

traderniftybull Sir and Nikhil Sir?
Bhai, very difficult to choose/suggest one, as both are not the right choices.
But one has to choose one, then for me paying 8% will be better one.
 
Nikhil Ji,one more doubt
Whats the difference between filing under 44AD in ITR-4 vs filling under 44AD in ITR-4s for a trader?

If there is any Refund to be claimed which form to choose if opt for presumptive 8% rule??
 
Last edited:

canikhil

Well-Known Member
Sir,do we need to take in a writing from parents if we receiving Money from them?
I received 2.20L Online Transfer from parents for a Trading.
Is it mandatory to mention this in ITR?
ideally yes there should be written documentation.

In the ITR it will show as part of your capital in the BS (in case you are maintaining accounts)
 

canikhil

Well-Known Member
So the conclusion is-
if declaring 8% of TO is very costly,then go for audit.We cant declare 8% profit on 1Cr TO,its very costly,so better go for audit and pay the tax accordingly.
Else,declare 8% of TO.

Say example,Year 1,2,3 I declared 8% profit because I'm either in a loss or profit is very small.But in Year 4,I did heavy option writting and TO became say 1.50Crs,then we cant afford to declare 8% on this 1.5Crs TO.
So going for an audit is the best option.

That means 44AD and Audit are both Eco-friendly option for a trader.

Is my understanding correct?

traderniftybull Sir and Nikhil Sir?
in my opinion audit is always the better option. But then we need to consider the cash flow position of the trader specially when he/she is incurring losses.
 

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