Fire your tax related queries and i would get it solved!!!

[ritesh.bafna88]

Dear Ritesh

Please clarify this confusion for calculating turnover for options. I am also facing similar problem in calculating turnover.

Beside this, please also clarify

1. Can I opt for presumptive tax scheme irrespective of my turnover and my profit and loss.
2. And if my TO is, say, 15 lakhs then my presumptive income comes out to be 1.20 lakhs, and if I have no other income (beside some savings account interest) then is it necessary for me to file ITR.

Thanks

in your case as per the given details the turnover should be taken as 6 lk. if your total income is less than 2 lk without adjusting for fno loss than no need of audit. u can show presumtive income at 8%.

my advice file return before 31st july without audit and carry forward loss. to claim derivative trading loss u will have to file itr4 showing derivative business

the above advice is only based on the assumption that there is no other income.

regards
CA RITESH BAFNA

 

[spihonda]

Dear Ritish sir,
Please need help on option trading turnover,

In the year 2013 -2014 i have done option trading. loss nearly 1.8 lk.How to calculate turnover.
I always buy the option and sell after. Never do option selling first and cover it later.

As per my Broker p/l statement if i calculate favorable + unfavorable in option, it comes around 6 lk.But if I calculate all the sale value of options in that year it comes around 66 lk.

Which figure i have to take for option turnover,
Either 6 lk
or 66 lk.
My loss is 1.8 lk.I am in big confusion, please help.In my place CA not understand this properly.

I donot have other income, no salary. Only done trading. My loss is 1.8 lk.
SO I have to go for tax audit,or what is the way.? I am really in a clueless situation.Please advice.

Thanks

 

[karunakumari]

in tally, under which head should we show payment made towards stock market education?

 

[Smart_trade]

in tally, under which head should we show payment made towards stock market education?

Training Expenses.

Smart_trade

 

[jassinko]

which tally version is best for audit purpose....i mean for fno more than 1 cr turnover and are any tutorial is there which teach us how to feed data in tally??

my CA says if i insert data in tally, then charges are meagre 2500 else 15000......

 

[ritesh.bafna88]

which tally version is best for audit purpose....i mean for fno more than 1 cr turnover and are any tutorial is there which teach us how to feed data in tally??

my CA says if i insert data in tally, then charges are meagre 2500 else 15000......

2500 for audit????????????????

i will have to shutdown my practise

 

[ritesh.bafna88]

which tally version is best for audit purpose....i mean for fno more than 1 cr turnover and are any tutorial is there which teach us how to feed data in tally??

my CA says if i insert data in tally, then charges are meagre 2500 else 15000......

tally is good for accounts but not optimized so as to facilitate smooth audit.

your best bet will be tally erp9.

although any tally will meet your accounts requirements

cheers
CA. Ritesh bafna

 

[TracerBullet]

Hello,

i am filling ITR4 for the first time. ITR4 is being used as i did some (3-4) FnO trades. I also withdrew my entire PF holdings ( tax exempted as > 5 years )

3 questions.

1) Do i need to fill Balance Sheet Schedule (No Accounts case)? I didnt understand what those 4 fields mean

2) Should the PF withdrawn amount be mentioned in Schedule EI?

3) If the total income is < 2L, audit is not required.
My income this year is < 2L. But my PF amount is more than 2L.
My FnoTrades profits have more than 8 % of turnover but i also booked loss in a long term stock which would make overall returns negative. The stock was meant as investment long before but i guess we need to consider it as part of business income due to FNO trades.
Can PF amount, which is exempted, make me liable for audit ?

thanks

 

[Snake.Head]

@TracerBullet and others member's
This might help you
Guide to efile Income Tax Return: ITR2 and ITR4

Guide to efile Income Tax Return For AY 2014-15

 

[jassinko]

thanks Snakehead.......... i just calculated my Turnover of options on basis of profit/loss and it is coming just 3 million instead of 4 crore when calculated as selling side premium......... so i dont need the audit.......rt??? any experts??

and thanks Ritesh sir for guidance