You have to understand the basics of accounting
You have made a loss of 1 lakh and a profit of 2 lakhs, both in FNO
So automatically the loss is adjusted against the profit.
You cannot isolate the profit and loss and you have to offset against each other if they are in the same category.
1. ITR 4
2. Depending on the number of transactions, ITR 2 or ITR 4
3.Carried forward losses are allowed to be shown in both the ITRs. Use the Excel utility ITR for filling the form. Its quite simple and if you have basic commercial acumen, you should be able to do it.
Else get hold of a CA...
After a persons death, no further transactions can be done in his bank, demat or broker account
As such the wife will have to open a new demat account in her name as well as a broking account and then sell the shares
She can avoid opening a broking account and do a offmarket transfer, but in...
Transfer of shares from Wife to husband without any consideration is a gift
This entails provisions of clubbing of income.
Please consult a chartered accountant
Your delivery based trades i presume are in different scripts so 20 trades are not too many and you can claim STCG on the same safely
The penalty MAY be imposed under Clause 271B of the Income Tax act wich is 0.5% of the turnover or Rs 1.50 lacs, whichever is less
Section 271B confers discretionary power upon Assessing Officer to impose penalty, as the word used
in the section is 'may' .
* Besides above, section 273B...
In that case file your returns without auditing.
Declare all the income honestly. Do not hide any income.
In the worst case scenario also, you may have to get your accounts audited in case you receive a notice from the department but no penalty should be levied.
AS F&O Trades are business income, you have to file a income tax return regardless of the profit, loss or turnover.
Having more then 8% profit and less then 1 Cr Turnover, will save you the money and hassle of getting your accounts audited.
Use the ITR4 Excel utility available free from the...
Nothing about taxation is based on common sense.
IT Department works in mysterious ways.
Leaving that aside, what is your other source of income?
Are you going to adjust this loss with any other profit or it will be written off ?
Do you have other Equity trades also ?
Technically speaking even 1 trade requires that you have an audit done if the profit is less then 8% of the turnover.
However, as you have done so few trades, you can take your chance and file your return without an audit done.
Most probably, your return should be accepted.
I am presuming that...