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

[canikhil]

some1 jst informed me dat if we filing under presumtive income den we cant opt for a refund for dat itr2 has o itr3 has to be filed nt itr4

d person who told me is a ca frm othr forum

Dear Kisna:

1. You need to file ITR3 or ITR4.

2. If you wish to declare profit less than 8%, then you need to maintain accounts and file ITR3.

3. In case you show 8% or more profit, you can not maintain accounts and file ITR4. You can still file ITR3 if you want

4. Audit won't be required even you are maintaining accounts.

 

[Satya.]

Dear Kisna:

1. You need to file ITR3 or ITR4.

2. If you wish to declare profit less than 8%, then you need to maintain accounts and file ITR3.

3. In case you show 8% or more profit, you can not maintain accounts and file ITR4. You can still file ITR3 if you want

4. Audit won't be required even you are maintaining accounts.

Nikhil Sir,
In point 3-In ITR3 if we show profit more dan 8%,den maintaining books nt necessary.But if we show less profit dan 8% den books needs 2 b maintained

and for both conditions in ITR3 form,BS&PL has to be uploaded,but in ITR4 no need of BS&PL.

pls crrect if wrong.

 

[canikhil]

Nikhil Sir,
In point 3-In ITR3 if we show profit more dan 8%,den maintaining books nt necessary.But if we show less profit dan 8% den books needs 2 b maintained

and for both conditions in ITR3 form,BS&PL has to be uploaded,but in ITR4 no need of BS&PL.

pls crrect if wrong.

not necessary...but whatever position you take this year, it will have to be kept consistent for next 5 years too. so decide whether you want to maintain books or not.

 

[ankur07090]

Till last year I use cleartax website to fill my ITR.
What I do, I just upload my FORM 16 (received from employer) and the site process it automatically. I don't mention anything related to what interest credited to my bank account.

Is that way of filling ITR can be considered ok...? (If suppose, I am not involved in trading)

 

[canikhil]

Till last year I use cleartax website to fill my ITR.
What I do, I just upload my FORM 16 (received from employer) and the site process it automatically. I don't mention anything related to what interest credited to my bank account.

Is that way of filling ITR can be considered ok...? (If suppose, I am not involved in trading)

you should provide details of all the incomes in your tax return. Not declaring interest income is not OK.

 

[mastermind007]

Hello Nikhil

What are all the rules surrounding "Casual Person" as per the new GST legislation? A friend of mine does a whole lot of small businesses which involve providing computer hardware and he ocassionally provides software services. His overall turnover is in the range of 1 to 2 lakh per annum but he has had clients across multiple states in India. He has no official fixed place for his business but works from CCD or Starbucks or any of the Hi-Fi malls. He does not want to not get burdened with filing of 3 returns per month and paying taxes in advance is also hard to justify on his bottomline.

Many thanks in advance

 

[lonstud]

Hello Nikhil,

My query is regarding GST on brokerage and exchange charges. As per my understanding, brokers are supposed to charge 18% GST on brokerage charges and exchange charges directly in the contract note. But no CGST, IGST or SGST have been deducted by my broker in the contract received of 3rd July. Do I need to make my broker aware of this so GST is paid directly by my broker or will I need to pay GST separately. Please note that I do not have a GST number, although I file income taxes, as an individual, by showing trading activity as my business.

 

[canikhil]

Hello Nikhil

What are all the rules surrounding "Casual Person" as per the new GST legislation? A friend of mine does a whole lot of small businesses which involve providing computer hardware and he ocassionally provides software services. His overall turnover is in the range of 1 to 2 lakh per annum but he has had clients across multiple states in India. He has no official fixed place for his business but works from CCD or Starbucks or any of the Hi-Fi malls. He does not want to not get burdened with filing of 3 returns per month and paying taxes in advance is also hard to justify on his bottomline.

Many thanks in advance

Appreciate the issue here. But not sure if the burden would be any less as casual person registration given that (as per your info) he has multiple clients across various states but with only 1-2 lakhs as turnover. He might end being far more non-compliant under casual registration.

 

[canikhil]

Hello Nikhil,

My query is regarding GST on brokerage and exchange charges. As per my understanding, brokers are supposed to charge 18% GST on brokerage charges and exchange charges directly in the contract note. But no CGST, IGST or SGST have been deducted by my broker in the contract received of 3rd July. Do I need to make my broker aware of this so GST is paid directly by my broker or will I need to pay GST separately. Please note that I do not have a GST number, although I file income taxes, as an individual, by showing trading activity as my business.

would you mind sharing a sample of the contract note. you can email (in case you don't wanna share here) at [email protected]

 

[jignesh4]

As per AY 2017-18, ITR3 should be used for income from f&o trading. Upto what turnover and profit, I can file 'No account case'?
In P&L section 53 for no account case, there are 2 sections added - For Business and another for Profession. For share trading, which one to use?