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

[canikhil]

Some of my friend is filling itr2 and showing profit from fno as short term gain. Is this correct way of filling the tax return

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it is not correct.

 

[canikhil]

Sorry if anyone has already replied to this query... Haven't really searched..

I started trading from aug 2018.... Mostly it has been loss... So do i have to show the total turnover in the ITR form etc and pay tax on that?

Also i was resident till may 2018.. so i have Indian salary only for march and April 2018... After that I'm nri (although i was trading with resident account)...
I haven't closed the resident trading account although i longer trade in it..

Will help if anyone can advise...

Thanks in advance...

Greg.


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If you have become non resident, then just file the return as "accounts case". Audit may apply or not, depending on your other incomes and turnover.

 

[Deep_G]

Hi friends I received compliance notice notice for stt transaction for fy 2016-17 as I did not file return due to loss in f&O and intraday. My income is less than exempted limit...so I submitted my response as no taxable income. Has anyone submitted such response and can tell me what happens after that...does income tax department follow-up further or that is enough to close the case...any trader who has done this please share your experience...my turnover was just 50k for intraday and Futures combined as per zerodha and loss was 20k...my income is around 17 k salary and around 50k interest..please help

 

[against_tides]

I am a full time individual trader made loss in current year..
which ITR form should I fill..last year it was ITR 2(filled by someone else)..but confused now..can anyone suggest

 

[traderhardrock]

I am a full time individual trader made loss in current year..
which ITR form should I fill..last year it was ITR 2(filled by someone else)..but confused now..can anyone suggest

- what is the quantum of loss,
- whether from derivatives trading or intraday equity trading also
- what are other incomes (as per different heads like bank interest, FD, SB, RD and other interest income, LTCG, STCG, rental income, any other income etc etc

BTW, current year bole toh, FY 2018-19 naa!!!
then hurry up as last date is 31.8.19 (for non audit cases)
(vaise current year means FY 2019-20)

 

[against_tides]

- what is the quantum of loss,
- whether from derivatives trading or intraday equity trading also
- what are other incomes (as per different heads like bank interest, FD, SB, RD and other interest income, LTCG, STCG, rental income, any other income etc etc

BTW, current year bole toh, FY 2018-19 naa!!!
then hurry up as last date is 31.8.19 (for non audit cases)
(vaise current year means FY 2019-20)

nothing else...just previous year loss filed(filed in last year return as current year loss ) to be carried forward in current year
no other income.. just jo 2018-2019 assesment year mein loss(around 60k) kiya tha usko file karna hai taaki next year mein uska adjustment le sakoo (in case of profit)

 

[elwavetrader]

Is it mandatory to link PAN with Aadhaar, for those (not filing ITR) who has income well below taxable limit of 3 lakhs, for a lady senior citizen. Thanks

 

[Eclispe]

With yesterday's tax announcement what will be the implication of taxation for -

1) Person who does trading activity in Derivatives, which is considered as Business Income?
2) Person who does short term trading activity in Stocks, which is considered as Speculative Income?

 

[milkyblack]

With yesterday's tax announcement what will be the implication of taxation for -

1) Person who does trading activity in Derivatives, which is considered as Business Income?
2) Person who does short term trading activity in Stocks, which is considered as Speculative Income?

Nothing changed in terms for taxation to individuals


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[Eclispe]

Nothing changed in terms for taxation to individuals


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Agree.

Now also another point to explore would be if there can be tax advantage if such trading activities are not done in individual capacity but by forming a LLP or a pvt ltd company. I am just thinking aloud.