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Dear Shravan

In a query above

"Is it mandatory for a trader to file IT returns irrespective of profit/loss made?"
You replied yes.

I just want to know,
Is it mandatory even for small time FNO trader say with a small turnover of 4-5 lakhs per year and with no other income

If no, then upto what limit it is not mandatory.

I am raising this query, as upto 25 lakhs of TO, even 8% presumptive tax comes out to be 200000, which is the max limit for tax exemption and not necessary for filing tax return.

Thanks
 
@sharavan and other experts

If a guy B gives a blank signed cheque to Mr. A after taking a loan from Mr. A, and then Mr. A writes the amount and name in the cheque and the cheq gets bounced. Then will there be a problem in the court for Mr. A as Mr A himself filled the details in the cheq signed by B.
 
Dear Shravan

In a query above

"Is it mandatory for a trader to file IT returns irrespective of profit/loss made?"
You replied yes.

I just want to know,
Is it mandatory even for small time FNO trader say with a small turnover of 4-5 lakhs per year and with no other income

If no, then upto what limit it is not mandatory.

I am raising this query, as upto 25 lakhs of TO, even 8% presumptive tax comes out to be 200000, which is the max limit for tax exemption and not necessary for filing tax return.

Thanks
Please note that even if you have tax free income under presumptive income, you are required to file your return and show the same as zero tax liability. You do not have any exemption.

As an FNO Trader you cannot use the presumptive income route to the best of my knowledge because in that case you will have to take the total value of the sale and purchase value of the contract note unlike the regular practice of taking only the profit and loss for calculating the turnover of the contract note. So on an average 1 contract will be worth 2-3 lakhs and so even if you have traded in 15-20 contracts in an entire year, your limit of 40 lakhs will be exhausted.



So instead of trying to hoodwink the ITO, use that energy to earn in the stock market by choosing good scripts and pay a small tax at the end of the year like a good citizen
 
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@sharavan and other experts

If a guy B gives a blank signed cheque to Mr. A after taking a loan from Mr. A, and then Mr. A writes the amount and name in the cheque and the cheq gets bounced. Then will there be a problem in the court for Mr. A as Mr A himself filled the details in the cheq signed by B.
Who fills the cheque is immaterial. The correct Name, Date filled by anyone and geniuine signature of the account holder is important.
In a company, the accountant prepares the cheque and the owner or partner signs it. Is it illegal ?
A blank cheque can be misused in 100 ways which can land you into severe complications which you cannot even imagine.
Fill the name and amount and cross it and only leave the date blank, is all what you can do safely without chance of any misuse
Please dont be STUPID to issue a blank signed cheque. The Govt. warns everyday and still after being educated you want to issue a blank cheque to another person, I really doubt if you should be on this forum
 
Who fills the cheque is immaterial. The correct Name, Date filled by anyone and geniuine signature of the account holder is important.
In a company, the accountant prepares the cheque and the owner or partner signs it. Is it illegal ?
A blank cheque can be misused in 100 ways which can land you into severe complications which you cannot even imagine.
Fill the name and amount and cross it and only leave the date blank, is all what you can do safely without chance of any misuse
Please dont be STUPID to issue a blank signed cheque. The Govt. warns everyday and still after being educated you want to issue a blank cheque to another person, I really doubt if you should be on this forum
Shravan, you misunderstood it. The blank cheque was issued by a contractor to my friend against some money borrowed. Now since the contractor was unable to return the money on time my friend deposited it by filling the correct name, date and amount and it got bounced (because of insufficient funds). Now my friend wants to file a case in the court for the bounced cheque. I hope my friend will be able to recover if he files a case for bounced cheq.
 
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Shravan, you misunderstood it. The blank cheque was issued by a contractor to my friend against some money borrowed. Now since the contractor was unable to return the money on time my friend deposited it by filling the correct name, date and amount and it got bounced (because of insufficient funds). Now my friend wants to file a case in the court for the bounced cheque. I hope my friend will be able to recover if he files a case for bounced cheq.
This thread is related to share market taxation
Please move the query to another topic and maybe even other forums like legal forums
 
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Hi Tax experts, small query

1)In case of long term capital gain tax arising out of sale of land, can we calculate the tax without indexation benefit?
If yes, (if we calculate the tax without indexation benefit), what will be the tax rate?
2) If calculated without indexation benefit then will the taxable amount be added to income and taxed according to slab, or it will be a flat percentage on the LTCG calculated without indexation?
 
NSE Cash intraday trading is termed as speculation, No audit is necessary on any amount of speculation and whether profit or loss is immaterial

F&O is business income and if your annual turnover exceeds 1 Crore, you have to get audit done.
You will also be required to get audit done even if your turnover is les then 1 Cr but your profit is less then 8% of the turnover.
hello,
Can u clarify on this?
u mentioned if turnover is less than 1 cr but the profit is less than 8% of the turnover then we need to get accounts audited.
My query is what if tunover is less than 1cr, and there is no profit only loss.
I m asking this as i have done only 3-4 future trades in the whole year and that too intraday which have resulted in loss.
Do i need to get my account audited for only 3-4 future trades ???:confused:
 
hello,
Can u clarify on this?
u mentioned if turnover is less than 1 cr but the profit is less than 8% of the turnover then we need to get accounts audited.
My query is what if tunover is less than 1cr, and there is no profit only loss.
I m asking this as i have done only 3-4 future trades in the whole year and that too intraday which have resulted in loss.
Do i need to get my account audited for only 3-4 future trades ???:confused:
Technically speaking even 1 trade requires that you have an audit done if the profit is less then 8% of the turnover.
However, as you have done so few trades, you can take your chance and file your return without an audit done.
Most probably, your return should be accepted.
I am presuming that as the trades were squared up intraday itself, the losses would be a couple of thousands only
 

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