Tax payment

I am sharing a useful link regarding how pay income tax online . This guide will help to avoid silly errors.

If you like it , put a thanks to this post

Tax payment in simple steps

http://www.simpletaxindia.net/2012/07/how-to-pay-self-assessment-tax-online.html

http://www.youtube.com/watch?v=Ol9MFBYmU1k

Hi MP

Tax deposit/payment is not a big problem, but it is good that you helped boarders by this post.

The real problem is to calculate tax and filling the ITR for Future and Option Trading, online or otherwise.

Do you have any knowledge/expertise about this. If yes, then please share it.

hi a1b1,

I spent some time on this too...just to get some idea how things works ..However as I have to focus on trading...don't have much time to calculate and plan tax staff properly......I have decided to take help from professional consultants......let the experts do this ....I'm communicating with local CA consultants and shortlisting and verifying their reputations.....so that I don't have to rush at the end of FY.....they would help providing tax computation report ( I have to pay tax online ) from ECN notes and also file e-Returns on behalf of me with digital signature.

check this site..

https://www.tin-nsdl.com/e-return/ereturn-registered.php

download the excel

You will find many NSDL recognized CA's near to your location who does this kind of work ... ..verify their reputation...and make a deal.

Fees should be within 500 Rs....not more than this.(unless you buy a digital signature)


just my suggestion.

Yes, hiring service of a knowledgeable CA is the final option but many time it may not be possible to get one at a reasonable charges.

Moreover I do not think if their charges are Rs 500 for an F&O ITR filling, as they charge this much for a simple ITR (for salaried employees, which is the easiest to fill using Form 16).

Anyway do share your experience with CAs, here in the forum.

here is an email response from a CA...This looks F&O included here.....is not it ? (or I'm missing something )
I guess this is implied.


Hi,

We will surely file your income tax return and in this regard, please provide us following details & documents:

Form16/ Salary Certificate, if any;
Details of LIC income,
Tax investment made, not incorporated in form 16;
Details of housing loan (details of interest and principal paid on housing loan, address of the house property for which loan is taken), if any
Details of TDS deducted & TDS certificate, if any
Details of business income, if any;
Details of transactions in shares, Demat statements, if any;
Scanned copy of PAN Card OR ( Details mentioned on card , Full Name, Father's name and date of birth);
Full address;
Mobile Number; and
Bank Account details (Account number, name of bank, and MICR code).

Once you provide the above documents we will send you a tax computation and upon your confirmation we will file the return and send you the ITRV. We propose to charge Rs. 250 for salaried individual and Rs. 400 for Business Income.

I think, when they have included business income, then F&O must be included in the package, unless they treat F&O income/loss as speculation income/loss and have other package for F&O. Just have a confirmation on this point.

And whether they will calculate income/loss using ECNs and ledger copy etc. etc. and the charges include this calculation as well. (As the calculation of net Profit and Loss is the major bottleneck in the ITR filling)

The charges mentioned are quite reasonable.

Fees are low, but I think business income what they want to mean is just simple business income i.e business income u/s 44 AD i.e income from small business which does not involve much calculation. If your FNO turnover is high and if it needs much time to calculate the profit/loss amount, then fees may increase better you confirm it.Standard fees should be around Rs. 1000/-, for metros 1500/- to 2000/-.

they have mentioned this in the email response..

Details of transactions in shares, Demat statements, if any;


anyway, I'll ask specifically regarding F&O again . I'll post updates here.

Hi megapixel,

can you please forward the details of your auditor to my gmail address. thanks. my email address is kprabuanand. thanks

Pure derivatives trading is covered under Business Income as long as you are not hedging. Think of it this way, if you do it to make money then it comes under Business Income and not speculative income. Business Income loss can be carried forward upto 8 years untill it is set off against profit.

I suggest you don't go for the Rs.400 tax return because they usually lack the tax knowledge that a CA has. You don't want the Income Tax Dept to mess with your life. Go to a reputable CA in your area if you want peace of mind. I paid Rs.5000 last year to my CA.