Are You Covered Under Tax Audit

[natjay]

Can anyone confirm the following?

The F&O contract note has a lot of entries like brokerage, clearing charges, stamp duty, SEBI fee, STT, service tax and exchange transaction charges.

Can I claim ALL of these as business expenses in my tax return or only brokerage & clearing charges?

 

[canikhil]

Can anyone confirm the following?

The F&O contract note has a lot of entries like brokerage, clearing charges, stamp duty, SEBI fee, STT, service tax and exchange transaction charges.

Can I claim ALL of these as business expenses in my tax return or only brokerage & clearing charges?

all the expenses can be claimed.

 

[Charandeep Singh]

SALARY INCOME-2.92 lacs
80C deduction -92000/-
Home loan interset 1.09 lac
FNO Loss 1.19 lac
Others Income 1.25 lac
Total Incone=2.92-.92-1.09-1.19+1.25 lac=.97 lac

Do I Need Audit ??

 

[traderniftybull]

SALARY INCOME-2.92 lacs
80C deduction -92000/-
Home loan interset 1.09 lac
FNO Loss 1.19 lac
Others Income 1.25 lac
Total Incone=2.92-.92-1.09-1.19+1.25 lac=.97 lac

Do I Need Audit ??

You can not adjust salary income with FnO loss and
Similarly 80C deductions etc are irrelevant for calculating TO for audit or adjustment.

BTW, what is your TO (its important to know)

Now
What are these other income
Plz provide breakup
As many of the other incomes may be adjusted with FnO loss.

 

[vivektrader]

You can not adjust salary income with FnO loss and
Similarly 80C deductions etc are irrelevant for calculating TO for audit or adjustment.

BTW, what is your TO (its important to know)

Now
What are these other income
Plz provide breakup
As many of the other incomes may be adjusted with FnO loss.

But, can FnO loss be adjusted against professional income (not fixed salary)?

Vivek

 

[Charandeep Singh]

You can not adjust salary income with FnO loss and
Similarly 80C deductions etc are irrelevant for calculating TO for audit or adjustment.

BTW, what is your TO (its important to know)

Now
What are these other income
Plz provide breakup
As many of the other incomes may be adjusted with FnO loss.

Turn over 45 lacks only

 

[traderniftybull]

But, can FnO loss be adjusted against professional income (not fixed salary)?

Vivek

Bhai, sorry
Dont know about it.
But it should be, as professional income is treated like business income (audit etc)

Nikhil bro, may reply your query in a better way

 

[vivektrader]

Bhai, sorry
Dont know about it.
But it should be, as professional income is treated like business income (audit etc)

Nikhil bro, may reply your query in a better way

My CA confirmed it, so should be fine.

Vivek

 

[traderniftybull]

Turn over 45 lacks only

OK
But you didnt reply other query.

 

[Charandeep Singh]

OK
But you didnt reply other query.

Income from other sources, private accounts work.