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

[Bhairava]

none of interest received from a bank FD or RD or SB is allowed under 80C, except 5 years tax saver FD (again only tax saver FD and not regular FD)
SB account interest upto 10K is allowed as deduction under separate section (80TTA) and not under 80C

yes yes,NG,googled it.But CA put it under 80C na

 

[canikhil]

This query remain unanswered.Pls do reply whenever free.

for cases more than 8% profit with turnover less than 2 cr, it will get covered under 44AD only. You have the option of declaring 8% or more under 44AD. The restriction is limited to declaring profit less than 8%

 

[canikhil]

And what is a BP sheet ?

Google search about BP sheet shows results for BP p.l.c.

Enjoy...

Please check ITR-4 - It has a sheet named "BP"

 

[canikhil]

yes yes,NG,googled it.But CA put it under 80C na

Therefore, you should ask your CA questions on the positions taken in the tax return.

 

[Bhairava]

Ok Sir,last query to clear the confusion,
Income from Business/Profession is 235000
FD Interest is 60000
Total is 295000

I filed ITR under 44AD without audit case.
after deduction tax is nil.

Gross receipt 260000
Actual Profit 235000
Deemed Profit %=90
Profit against Turnover (8%)=20800

was it wrong?

 

[Square]

Hi Aroraji,

I also do derivative transaction. So I want to know the criteria for your selection Are you a large player? Are small retail traders not eligible for selection. Kindly update with your information.

It will really help if we know the volume or frequency or turnover, what is the minimum criteria for selection. Even if there are at least three people who have been served with scrutiny notices reply here we will have enough data points to conclude the minimum level.

 

[FnOtrader80]

Duplicate post pls delete.

 

[FnOtrader80]

It will really help if we know the volume or frequency or turnover, what is the minimum criteria for selection. Even if there are at least three people who have been served with scrutiny notices reply here we will have enough data points to conclude the minimum level.

My volume was about 280 crs , 99% stock futures 1 % options in FY 2014-15 for which my return was selected for scrutiny.

 

[Square]

My volume was about 280 crs , 99% stock futures 1 % options in FY 2014-15 for which my return was selected for scrutiny.

Thanks for your reply. Is this turnover is as per zerodha calculations? i.e. summation of net profits and net losses tradewise (will be higher amount) or contractwise (will be lower amount)?

In your case options are almost negligible (relatively), so not asking about options calculations since apart from the above netting method, sell value of options is also taken by zerodha to calculate options turnover.

 

[FnOtrader80]

Thanks for your reply. Is this turnover is as per zerodha calculations? i.e. summation of net profits and net losses tradewise (will be higher amount) or contractwise (will be lower amount)?

In your case options are almost negligible (relatively), so not asking about options calculations since apart from the above netting method, sell value of options is also taken by zerodha to calculate options turnover.

No it is not turnover but my gross volumes. Turnover is about 99 lacs - contract wise. I think IT department doesnt take turnover into consideration but volumes generated to select cases for scrutiny. And as many here pointed out earlier IT department wants to consider volumes generated as the turnover ! regardless of the ICAI guidelines.