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From this year onwards; ITR 4 have some columns in FINANCIAL PARTICULARS OF BUSINESS which are MANDATORY now… I leave them blank last year as these were not mandatory…..E15: SUNDRY CREDITORS E19: INVENTORIES E20: SUNDRY DEBTORS E22: CASH-IN-HAND…Kindly guide me regarding about these columns and please keep in mind that last year I filled 0 in all these columns
It seems that they want an assessee to make a balance sheet of his business wherefrom sundry debtors and sundry creditors will have to be obtained...cash book closing balance is cash in hand.Also the opening and closing stock of shares held in trading inventory should be mentioned...slowly they are going towards full balance sheet and P & L account information.

Smart_trade
 
Please correct me if I wrongly understood these terms as I mainly trade in futures & options…so as there was no equity investment or position made by me on 31 March 2018 so…INVENTORIES-0
AND my TRADING BALANCE with ZERODHA were 11,09,558 on 31st MARCH so…SUNDRY DEBTORS-11,09,558… Kindly help me in filing ITR-4....this year NATURE OF BUSINESS CODE also get changed.....tell me what code should be used by FNO TRADER
 
It seems that they want an assessee to make a balance sheet of his business wherefrom sundry debtors and sundry creditors will have to be obtained...cash book closing balance is cash in hand.Also the opening and closing stock of shares held in trading inventory should be mentioned...slowly they are going towards full balance sheet and P & L account information.

Smart_trade
:eekk::eekk::eekk:
 
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Please correct me if I wrongly understood these terms as I mainly trade in futures & options…so as there was no equity investment or position made by me on 31 March 2018 so…INVENTORIES-0
AND my TRADING BALANCE with ZERODHA were 11,09,558 on 31st MARCH so…SUNDRY DEBTORS-11,09,558… Kindly help me in filing ITR-4....this year NATURE OF BUSINESS CODE also get changed.....tell me what code should be used by FNO TRADER
IMO it is not sundry debtors but Deposits with Zerodha:):)
 

superman

Well-Known Member
I have very low profits for F&O ,, I think its around 6 or 7% for the turnover. I am a salaried person having taxable income.. What should I file ? ITR3 or ITR4 . I think presumptive income section is present only in ITR4 and no audits / book building is required right ? Please confirm

I am scared by looking into ITR3, It expects too much Balance Sheet . P&L etc :( ,, Any easy way to file ?
 
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I have very low profits for F&O ,, I think its around 6 or 7% for the turnover. I am a salaried person having taxable income.. What should I file ? ITR3 or ITR4 . I think presumptive income section is present only in ITR4 and no audits / book building is required right ? Please confirm
I am scared by looking into ITR3, It expects too much Balance Sheet . P&L etc :( ,, Any easy way to file ?
Speaking from personal experience if your turnover / volume is high its better to file ITR 3 regardless of profit. There is a very high chance of ITR 4 coming under scrutiny if used to file f & o profits which will be more scary and painful later on.
 
Speaking from personal experience if your turnover / volume is high its better to file ITR 3 regardless of profit. There is a very high chance of ITR 4 coming under scrutiny if used to file f & o profits which will be more scary and painful later on.
Very well said.
Bhai please define this high.
I mean please put a figure, if possible.
 
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