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

[Subhadip]

What is the last date of filling ITR3 this year..for audit cases...this year ITR3..lwhich was last year ITR 4

 

[canikhil]

What is the last date of filling ITR3 this year..for audit cases...this year ITR3..lwhich was last year ITR 4

for non-audit cases, 31 July. For audit cases 30 September.

 

[Subhadip]

for non-audit cases, 31 July. For audit cases 30 September.

Thanks a lot

 

[nac]

you cannot avoid the set off.

Thank you.

Can I bother you with my other doubts too?

#1 How to fill Capital gain section in ITR3? (I have STCG from trading equities/shares)
This is what I have filled so far
* In A3(1) I picked (i)111A [for others] from the drop down
* a) Full value of consideration = Sale value of the shares
* b) (i) Cost of acquisition without indexation = Purchase value of the shares
When I try to save, I am getting error. "Please select whether any amount of unutilized CG on asset transferred during previous years in A7a and B9 of Schedule CG"
* I haven't transferred any money, it just went to my pocket. So I picked 'NO' for A7a and 'NA' for B9 as it has nothing to do with LTCG.

Lines with asterisk (*) are ones I need clarification. Whether what I filled are right or needs correction?

#2 How to show Capital in Balance sheet when it's in negative?
In my balance sheet, my capital is in negative. Can I show as it is? or should I do something else? I have a loan amount to balance liabilities section with asset.
Trading is the only business I do. I have been treating myself and trading business as one entity. So no two separate balance sheet.

 

[vagar11]

Is there a defined format in which we have to upload our trade details.

The CA I contacted asked me to give details in the below format. He said this is as per the income tax site. But, I couldn't find this anywhere on income tax site.

Security Name Share Type Sell Date DD/MM/YY Format Sold Value amount Transfer Expenses Buy Date DD/MM/YY Bought Amt Gain Type (Short/ long) Sale period Purchase year + Quantity

 

[canikhil]

Is there a defined format in which we have to upload our trade details.

The CA I contacted asked me to give details in the below format. He said this is as per the income tax site. But, I couldn't find this anywhere on income tax site.

Security Name Share Type Sell Date DD/MM/YY Format Sold Value amount Transfer Expenses Buy Date DD/MM/YY Bought Amt Gain Type (Short/ long) Sale period Purchase year + Quantity

no such format is required. but yes, he can ask for you to submit data in a specific format for easy reference.

 

[canikhil]

Thank you.

Can I bother you with my other doubts too?

1. you can mention NA in both LTCG and STCG.

2. Yes your capital can be negative...

 

[IKAR]

I have a query regarding cash book. I have started trading options, but I transfer money to the broker and keep it in the broker's account. Whatever credit and debit happens, it is done from the brokers account. From my savings account, I do all normal transactions too, including paying bills etc. I also add to the brokers account when needed. Now for cash on hand which account shall I show, the brokers account or my savings account? The savings account will reflect more cash than I have used in trading in the brokers account.

 

[abhi88]

Hi Friends,

This year fy 16-17 i have done FNO trading and Currency trading. I am sure that i need to file ITR 3 this year for my tax returns.I need some help regarding where should i put these entries in ITR 3 .
I receive my contract note from my broker regularly.

These Entries I think would put:

Total of PAY IN/PAY OUT OBLIGATION for FNO transactions (itr-3 Part A-P& L 2 vi)
Total of Securities Transaction Tax (itr-3 Part A-P& L 36 v)
Total of Service Tax (@14.00%) (itr-3 Part A-P& L 36 ii)
Total of SBC Tax (itr-3 Part A-P& L 36 ii)
Total of KKC Tax (itr-3 Part A-P& L 36 ii)
Total of Stamp Duty Charges (itr-3 Part A-P& L 36 v)

I have confusion regarding these entries:
Total of Exchange Transaction Charges (itr-3 Part A-P& L 24 ii)
Total of SEBI CHARGES (itr-3 Part A-P& L 24 ii)
Total of BROKERAGE (itr-3 Part A-P& L 24 ii)

For these entries should i use (itr-3 Part A-P& L 24 ii) Professional / Consultancy fees / Fee for technical services
or create a new entries specific to each expense in (itr-3 Part A-P& L 38)

Total of PAY IN/PAY OUT OBLIGATION for currency trading transactions (itr-3 Part A-P& L 2 x)

For currency trading transactions should i use (itr-3 Part A-P& L 2 x) Any other income (specify nature and amount)

 

[Aman1]

Hello!
I applied for correction in pan (DOB) in june and I have not received my corrected pan number yet. I contacted NSDL and they say my pan is with income tax department for second verification and it will take some more time. Meanwhile on checking pan status I get a message that my pan is with ITD for verification. My question is how do I fill my ITR if I don't receive my corrected pan before 31 july because I cant link my pan and adhar without new corrected Pan card.