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

[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

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.

Thanks nikhil ji. I was wondering since the election year is coming closer therefore the tax department might be asked to give more time to the tax payers this time. But my observation seems to be wrong.

Thanks and regards

Sent from my SM-G610F using Tapatalk

 

[canikhil]

Thanks nikhil ji. I was wondering since the election year is coming closer therefore the tax department might be asked to give more time to the tax payers this time. But my observation seems to be wrong.

Thanks and regards

Sent from my SM-G610F using Tapatalk

to be honest, I do not think that much about the political aspects. Why even bother about extension. Just finish of the returns before the due date.

 

[Square]

Under what codes "Nature of business" falls in the new categoratation in ITR 3, both for Income from Derivatives trading and income from Equity intraday trading respectively.

 

[bbhanushali]

Nikhil Sir,
I have two queries:
1. What happens if I don't file my ITR returns when I don't have any income (from any source) in the FY2017-2018. And I file ITR return in FY2018-2019 when I come in the taxable slab. Is the penalty applicable for the FY2017-2018 for not filing returns.
2. What happens if I don't file my ITR returns when my income is less than the minimum taxable slab of 2.50L in the FY2017-2018 and I file ITR return in FY2018-2019 when I have income Rs.10,000/- above taxable slab. Is the penalty applicable for the FY2017-2018 for not filing returns.

Thanks in advance for your kind response.

 

[superman]

I am filing ITR3 ,, Even though my profits are say 4% i am showing 6 %. Guess govt gets free money from me

I am almost done with ITR3 filing. I will post the screenshots of relevant section for F&O traders.

This might help all other ITR3 filers.

If I have done any mistake please inform me . I intend to file the returns this week.

In General section I have selected every question for audit as No.

Balance sheet :

I am still confused over sundry debtors and creditors ,, Can someone please confirm if we traders can make it as zero
I took the cash balance of ledger as on 31st March 2018

P/L Section

Should we maintain the full PL statement or only section 53 is enough ?

Gross Receipts = Turnover
Expenses = brokerage,STT etc
Net profit : Make sure its more than 6% of turnover.

Never lie on turnover , I have seen many threads in traderji where people have filed fake turnover to reduce the profits and have got notice. Pay extra or pay a CA for audit


PLEASE Note that I am not filing returns today itself. I will cross check everything and file it on weekend. Dont just rely on me,, Please seniors, tax experts correct me if I am wrong. This is the first time I am filing ITR3

 

[Square]

Under what codes "Nature of business" falls in the new categoratation in ITR 3, both for Income from Derivatives trading and income from Equity intraday trading respectively.

Anyone who has already filed their returns, kindly comment.

 

[Square]

I am filing ITR3 ,, Even though my profits are say 4% i am showing 6 %. Guess govt gets free money from me

I am almost done with ITR3 filing. I will post the screenshots of relevant section for F&O traders.

This might help all other ITR3 filers.

If I have done any mistake please inform me . I intend to file the returns this week.

In General section I have selected every question for audit as No.
View attachment 26660

Balance sheet :

I am still confused over sundry debtors and creditors ,, Can someone please confirm if we traders can make it as zero
I took the cash balance of ledger as on 31st March 2018

View attachment 26661

P/L Section

Should we maintain the full PL statement or only section 53 is enough ?

View attachment 26662

Gross Receipts = Turnover
Expenses = brokerage,STT etc
Net profit : Make sure its more than 6% of turnover.

Never lie on turnover , I have seen many threads in traderji where people have filed fake turnover to reduce the profits and have got notice. Pay extra or pay a CA for audit


PLEASE Note that I am not filing returns today itself. I will cross check everything and file it on weekend. Dont just rely on me,, Please seniors, tax experts correct me if I am wrong. This is the first time I am filing ITR3

Could you please revert on my above query?

 

[superman]

Could you please revert on my above query?

13010 - Investment Activities

Source :Zerodha Varsity

Please verify my filings screenshots also and confirm if you are filing the same way

Getting ITR3 help is a pain ,, ITR2 is damn easy to get info and there are so many videos for the same

 

[canikhil]

I am filing ITR3 ,, Even though my profits are say 4% i am showing 6 %. Guess govt gets free money from me

I am almost done with ITR3 filing. I will post the screenshots of relevant section for F&O traders.

This might help all other ITR3 filers.

If I have done any mistake please inform me . I intend to file the returns this week.

In General section I have selected every question for audit as No.
View attachment 26660

Balance sheet :

I am still confused over sundry debtors and creditors ,, Can someone please confirm if we traders can make it as zero
I took the cash balance of ledger as on 31st March 2018

View attachment 26661

P/L Section

Should we maintain the full PL statement or only section 53 is enough ?

View attachment 26662

Gross Receipts = Turnover
Expenses = brokerage,STT etc
Net profit : Make sure its more than 6% of turnover.

Never lie on turnover , I have seen many threads in traderji where people have filed fake turnover to reduce the profits and have got notice. Pay extra or pay a CA for audit


PLEASE Note that I am not filing returns today itself. I will cross check everything and file it on weekend. Dont just rely on me,, Please seniors, tax experts correct me if I am wrong. This is the first time I am filing ITR3

This is absolutely fine. As long as your turnover is correct, need not bother much. Keep your turnover working handy in case a tax officer wants to verify the same during assessment.

Just one question though, how did you arrive at gross profit and expenses figures? If they are arbitrary, then better just report the same at gross profit level and ignore expenses.

 

[Square]

13010 - Investment Activities

Source :Zerodha Varsity

Please verify my filings screenshots also and confirm if you are filing the same way

Getting ITR3 help is a pain ,, ITR2 is damn easy to get info and there are so many videos for the same

Thanks Superman,

I visited Zerodha Varsity site and found the below response from Nithin:
"You could maybe use this Code: 13010 – Financial intermediation/Investment activities. This seems be the closest category to investment/trading related activity."

This I think is his opinion, and the words "could maybe" do not sound convincing, still I know he is best placed to give this "suggestion".

I request senior members, Smarttrade, Timepass, Canakhil among others to kindly reconfirm for benefit of all, since they themselves will be filing their returns putting the codes, so it will more authentic and convincing.