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

[abhi88]

Filing ITR -3 for FNO loss.

I had 20000 loss is fno this year.
Last year for fno profit 20000 i filled(ay 2017-18) itr-3 . I filled like following in P&L 2 (x) as
Income in Trading FNO 20000

This year (ay 18-19)i thought of using (-) sign to show my loss in fno.
Income in Trading FNO -20000
But it is not allowing negative income in P&L 2(x) section.


So this year (ay 18-19) Should i show my fno loss as follows in P&L 38 as
Loss from Trading in FNO 20000

Thanks,
Abhi

 

[canikhil]

Clear tax people are asking around Rs 14000 to file the ITR. 7 K for ITR and 7 K for auditor. They even not looking my Profit loss statement that does I need an audit or not.

man. it does cost a bit for sure. I am sure you can keep the costs max to Rs 13/14K (provided the turnover is below Rs 2 cr. If the audit is not required, the costs will come down further.

 

[canikhil]

Hi To carry forward losses to next 8 years, does one need to get the account audited even though total turnover is less than 30lk in its only loss or one can file by himself and carry foward the losses if he is filing before 31 july? Could anyone please clarify and also share the Incometax rule pertaining to that. It would be of great help. Thanks a ton in advance

Has anyone done this by himself using cleartax website ie carry forwarding loss without getting auditing done?

carry forward of losses and audit are not interlinked. If it is not an audit case, just file the ITR-3 before 31 July and your losses will be carried forward. get your turnover figure right. Make sure you understand the implications of 44AD. If your income is above exempted limit, go for audit for sure in case you want to claim profit below 6% of the turnover.

 

[canikhil]

I am a full time trader and trading mainly in derivatives (mostly options).

For last FY ( FY 2017 -2018), I have a total trading turnover of 4.4 cr and gross profit of 13.76 lakhs.

Net profit is around 12.33 lakhs ( net of brokerage, turnover charges etc)

As per my understanding in my case,

1) Audit is mandatory, since turnover is more than 2 cr.
2) Last date for filing returns is Sept 30, instead of July 31st.

Can anyone please confirm?

Just to add to what Satya said, your audit will be under 44AB. The costs of such audit is higher as the CAs have a limit of 60 such audits in a year. So better finalise your CA at the earliest.

 

[canikhil]

I am a full time trader and trading mainly in derivatives (mostly options).

For last FY ( FY 2017 -2018), I have a total trading turnover of 4.4 cr and gross profit of 13.76 lakhs.

Net profit is around 12.33 lakhs ( net of brokerage, turnover charges etc)

As per my understanding in my case,

1) Audit is mandatory, since turnover is more than 2 cr.
2) Last date for filing returns is Sept 30, instead of July 31st.

Can anyone please confirm?

Just to add to what Satya said, your audit will be under 44AB. The costs of such audit is higher as the CAs have a limit of 60 such audits in a year. So better finalise your CA at the earliest.

@canikhil
It is interesting to note that you "tend" to help traders here, but despite you not owning this thread neither a sponsored member, you primary objective is soliciting business i.e. getting Audit done for trading members.
All your responses or thread serve this objective. I cannot stop you from doing that, but since you are not a sponsored member, you take liberty not to answer basic and simple queries which you obviously think will not fetch you Audit clients. You conveniently ignore, hoping that the member will never know the solution else where. We do get the solution but we also get to know the real you, in the process.
I had interacted with you through PM sometime back to understand your services and since I said no to your Audit service, you find it best not to respond to my basic query on IT filing I posted on this thread. Because you know that I will not be your Audit client.
I am posting this thread not to get the solution to my query but so that other members can understand your purpose of being here. And read your responses taking into account your ultimate objective of client sourcing.

I completely agree. My primary objective is to make money. If that is not the objective of any other member here, I would be really surprised.

 

[canikhil]

IMO as " INDIVIDUAL" ,

I prefer using Self. Stating Individual will also make no difference.

 

[VJAY]

carry forward of losses and audit are not interlinked. If it is not an audit case, just file the ITR-3 before 31 July and your losses will be carried forward. get your turnover figure right. Make sure you understand the implications of 44AD. If your income is above exempted limit, go for audit for sure in case you want to claim profit below 6% of the turnover.

Dear nikhil,
So if 17-18 he had loss from his trading he want to carryforward the losses turnover below 2CR ...if his loss is more than 6% of his turnover then need 44AD audit?

 

[canikhil]

@canikhil

What is your opinon on this? What codes you are using for your clients? For Business Income (Derivatives) and Speculative Income (Intraday Equity Trading)

addressed this elsewhere on this thread. unfortunately new codes are worse than old ones. I would stick 13010. 13015 is not at all advisable. Having said that 13010 is also not an appropriate representation of the intent of the traders. But then always stick to closest code.

 

[canikhil]

Dear nikhil,
So if 17-18 he had loss from his trading he want to carryforward the losses turnover below 2CR ...if his loss is more than 6% of his turnover then need 44AD audit?

depends on whether he has salary income or not because you cannot adjust losses against salary income. so assume that you have Rs. 1 Cr as turnover, loss of Rs 10 lakhs, interest income of Rs 20000 and salary of Rs 500000/- Now in this case as per 44AD, audit is applicable as your income after adjusting losses, will still be above Rs 2.5 lakhs and your profit is less than 6% of the turnover.

 

[VJAY]

depends on whether he has salary income or not because you cannot adjust losses against salary income. so assume that you have Rs. 1 Cr as turnover, loss of Rs 10 lakhs, interest income of Rs 20000 and salary of Rs 500000/- Now in this case as per 44AD, audit is applicable as your income after adjusting losses, will still be above Rs 2.5 lakhs and your profit is less than 6% of the turnover.

little confussion here...is it total income here 520000 ...so it cannot adjust losses of trading with it...so its above 2.5 lak limit...here turnover means of trading ?from trading he hav loss of 10 lac ...so he no have profit from turnover if adjusted with 520000 then he still have 480000 loss ...so here you mean less than 6% of turnover mean this 480000 loss?so if its more than 6lac loss then no need audit?