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

[^k^]

Please look into this my doubt,

http://www.traderji.com/taxation-matters/101989-options-save-tax-full-time-option-trader.html

Hello,

I trade only nifty options(full time trader), and was able to genarate over 10 lakhs income per annum.

my total turnover net P/L is 50 lakhs < 1 crore and also income > 8% of 50%, therefore I realized no need of audit.

Now, I did google search and found how can I save tax.

Non tax - 2,50,000
80cc - 1,50,000
rent - 24,000 (next yr 60000)
medical - 15,000
------------------------
4,39,000

My earning is over 10 lakhs, and I want to know more options to save tax. Please suggest all possible with amount limit i can claim.

Nice Query.Pls post like this instead of giving a link.

 

[princy01]

traders i need your help

i am trading in fno and in loss for financial year ending march 2016 , i want to carry this loss forward for next years , but my chartered accountant dont know about fno audits or anything at all, kindly suggest how to get it done asap , i am in delhi ncr area .

i have downloaded mprofits software , how can i use it for income tax return for fno ??

regards

 

[nac]

^ You don't have lot of time now. Roughly you have 5 hrs to file (assuming your case is non-audit).

If your loss is big and you couldn't do it on time, consult with a CA and make your case "audit" and file it before 30th Sep.

 

[canikhil]

^ You don't have lot of time now. Roughly you have 5 hrs to file (assuming your case is non-audit).

If your loss is big and you couldn't do it on time, consult with a CA and make your case "audit" and file it before 30th Sep.

The due date has been extended to 5 August...

 

[canikhil]

traders i need your help

i am trading in fno and in loss for financial year ending march 2016 , i want to carry this loss forward for next years , but my chartered accountant dont know about fno audits or anything at all, kindly suggest how to get it done asap , i am in delhi ncr area .

i have downloaded mprofits software , how can i use it for income tax return for fno ??

regards

IF you want, I can assist you for the tax filing if you are comfortable with email/telephone communication as I am in Mumbai.

 

[Bhairava]

Nikhil Ji,Do I need audit?

Income from FD is around 50k
income from Job is 2L
income from trading is -2lakh loss this year but the turnover is below 1Cr.
So,do I need audit?

I don't want to carry forward this loss..Do I need to mention this loss in ITR4?
Or simple filling return of 2.5L is enough in my case?

 

[canikhil]

Nikhil Ji,Do I need audit?

Income from FD is around 50k
income from Job is 2L
income from trading is -2lakh loss this year but the turnover is below 1Cr.
So,do I need audit?

I don't want to carry forward this loss..Do I need to mention this loss in ITR4?
Or simple filling return of 2.5L is enough in my case?

No need for audit. But need to file ITR4 to carry forward the losses. Please file before 6 August.

 

[Bhairava]

No need for audit. But need to file ITR4 to carry forward the losses. Please file before 6 August.

Nikhil Ji,I dont want to carry forward loss.I dont want to claim or dont want to adjust it next year.

I just want to file a simple return-

Income from FD/investment=50k
Income from Job/other business=2L

is showing loss is mandatory?
you said to carry forward loss itr4 is needed,that means audit is needed

sorry,but I'm confused with ur reply.

 

[canikhil]

Nikhil Ji,I dont want to carry forward loss.I dont want to claim or dont want to adjust it next year.

I just want to file a simple return-

Income from FD/investment=50k
Income from Job/other business=2L

is showing loss is mandatory?
you said to carry forward loss itr4 is needed,that means audit is needed

sorry,but I'm confused with ur reply.

audit is not required. by filing ITR-4 you achieve two goals: 1. carry forward of loss (not relevant in your case as you dont want to carry forward). 2. ensure proper reporting of your financial activities to the income-tax department.

 

[Bhairava]

audit is not required. by filing ITR-4 you achieve two goals: 1. carry forward of loss (not relevant in your case as you dont want to carry forward). 2. ensure proper reporting of your financial activities to the income-tax department.

thanks for clearing my doubt.