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

[aryansheokand91]

THANK YOU @canikhil Trading Account LEDGER BALANCE ON 31st MARCH 2018 can be classified under DEBTORS or not???....There is no cash holding on 31st MARCH so INVENTORIES-0...this is my doubt about sundry debtors

 

[canikhil]

theoretically it is not a debtor. so better not to show this as sundry debtors.

 

[john302928]

Hi Does anyone have financial year wise interest calculator for fixed-deposits with Simple interest calculation in excel. If so please share its urgent. Thanks in advance
The excel should provide the interest details in financial year wise so that we will know the interest for that particular financial year

 

[FnOtrader80]

Very well said.
Bhai please define this high.
I mean please put a figure, if possible.

Wish i knew it bhai , but i think they pick up numbers from stt paid, more than a lakh stt paid will make your return come under radar but not necessarily under scrutiny. I think they keep changing the parameter every year while deciding norms to pick up cases under CASS ( computer assisted scrutiny selection)

 

[manish12345]

Hi,

In Fy 17-18 apart from delivery trades on which i earned stcg/ltcg, i had made some f&o transactions the summary of which is as below:

• FUTURES GROSS PROFIT₹2,18,550.00
• OPTIONS GROSS PROFIT₹-27,708.75
• TOTAL GROSS PROFIT₹1,90,841.25
• FUTURES TURNOVER₹4,00,250.00
• OPTIONS TURNOVER₹1,08,933.75
• TOTAL TURNOVER₹5,09,183.75
• TOTAL CHARGES₹3,731.92

From what i have understood as of now, i have to file ITR 3 since there is no provision for Capital Gains in ITR 4. Also no audit is required in my case. My query is can i file my itr balance sheet and P&L in "No Account Case" where books of accounts are not maintained?

 

[canikhil]

Hi,

In Fy 17-18 apart from delivery trades on which i earned stcg/ltcg, i had made some f&o transactions the summary of which is as below:

• FUTURES GROSS PROFIT₹2,18,550.00
• OPTIONS GROSS PROFIT₹-27,708.75
• TOTAL GROSS PROFIT₹1,90,841.25
• FUTURES TURNOVER₹4,00,250.00
• OPTIONS TURNOVER₹1,08,933.75
• TOTAL TURNOVER₹5,09,183.75
• TOTAL CHARGES₹3,731.92

From what i have understood as of now, i have to file ITR 3 since there is no provision for Capital Gains in ITR 4. Also no audit is required in my case. My query is can i file my itr balance sheet and P&L in "No Account Case" where books of accounts are not maintained?

yes. you can..

 

[Deelipenergy]

Can anyone guide as a very low volume trader without salary and no taxable income should file ITR 3 or ITR 4??
confused??

 

[trendtrade]

The last date for filling is 31 July 2018.
Can someone please tell what happened last year ? Did they extend this last date further, like giving a few more months for the filling, or if the last date was not extended ?

And what is the disadvantage of filling after this last date ? How much fine etc. one small trader would have to face, if he files after 2 months after the due date ?

Any help is appreciated.

Thanks a lot

 

[canikhil]

Can anyone guide as a very low volume trader without salary and no taxable income should file ITR 3 or ITR 4??
confused??

if there is no taxable income, then first thing to note is that it is optional for you to file the return.

In case you wish to file, you need to focus on long term. If you do not wish to have increased turnover in future, then you may file ITR-4.

 

[canikhil]

The last date for filling is 31 July 2018.
Can someone please tell what happened last year ? Did they extend this last date further, like giving a few more months for the filling, or if the last date was not extended ?

And what is the disadvantage of filling after this last date ? How much fine etc. one small trader would have to face, if he files after 2 months after the due date ?

Any help is appreciated.

Thanks a lot

dates, even if extended, won't be for months. Just a few days.

Disadvantage of late filing - penalty ranging from Rs 1000 to Rs 10000 compulsorily.