ITR-4 - futures trading

I trade futures only. As I understand, this is treated as business income. So, I have downloaded the ITR-4 excel sheet from the income tax website. I am trying to fill it out myself and then later, I will file it online. But some headings in the ITR-4 form are not clear to me.

Part BS

No Account Case

1. Amount of the cash balance - This is cash-in hand + bank balance. But, does this also include fixed deposits?

2. Amount of total sundry debtors - Is this the amount that is in the broker account as of 31st March 2012 that is due to me.


Part PL

No Account Case

1. Gross Receipts - Is this the aggregate sum Total Profit + Total Loss? So, if FnO profit is Rs.200 and loss is Rs.-150, then total is Rs.350.

2. Gross Profit - Profit/Loss not including brokerage and taxes? Should this include taxes that we are charged in the contract note?

3. Expenses - Taxes, service tax, stt, brokerage, electricity, internet.....?

Thanks for the help.

Is it the first time you are filing tax for derivatives income. If yes, do let me know the procedure to file return as I invest in futures only but I dont have any idea of how to file tax return in such case.

Do u know any tax advisor or expert who can help me in filing my return? Please let me know if you are able to get any information.

aggarwal8,

Please share if your queries were eventually resolved, so that others like me can also benefit from the same.

thanks,
maverick

A)you are correctly computing turnover be sure it should be gross profit/loss before any brokerage and charges etc.This is only for computing turnover for audit purpose.
B)While filling return click on you are filing under Sec.44AA maintaining books of accounts.Need is that maintain statement of your stock trading as you are making B/S, P/L, Capital Account so you can do so.Most tax consultant try to make you fool that you need audit etc. but dont trapped as many lols are in this business who dont know much about taxation and doing it .In ITR 4 show net profit from future business as there is not much column found to claim STT etc.DOnt mix it with turover computation that is only for audit is to be done or not.
IF u select this option SEC-44AA then no need to fill-
B]No Account Case[/B]

1. Amount of the cash balance - This is cash-in hand + bank balance. But, does this also include fixed deposits?

2. Amount of total sundry debtors - Is this the amount that is in the broker account as of 31st March 2012 that is due to me.


Part PL

No Account Case

C) You can claim stt from business income and but if you are not having office then you cant claim electricity their.Other things you can claim except Income Tax you are paying as it is drawings. But you can tax of stock market.
I hope this will help you to solve your problem.