Good Cas who can file properly

[traderniftybull]

Traderniftybull sir ,
1) are you sure that the total income of 2.5 lakhs is before any deductions ?
2) can I opt for presumptive scheme as I have not done any equity trading ?

Thank you sir

1. Didnt get you, Which point you want to raise. Which total income. Please quote that line.
2. You can choose for presumptive scheme. But I have read in replies of CANikhil bro, that if you choose for it then you can not opt out of it for some years, perhaps it is 5 or 6. Not sure. You may check for it.

Bhai, I am also a trader like you and not a CA or tax expert, so can reply only clear questions (that have no if and but implications).

 

[Rohitt]

Sir ,

1) what I mean is that the minimum total income of 2.5 lakhs above which we have to pay income tax cannot be reduced by deductions of 80 C for exemption to audit ?

2) if once the IT return is processed & we have got our refund than is there any chance that we get notice by IT department for various reasons in future ?

Please reply as much you know .

Thank you Bhai.

 

[aja]

Hi everyone ,

I have salary income of 2.4 lakhs , f&o turnover ( no equity trading ) of 30 lakhs & profit of 1 lakh , interest income of 40 thousand on FD .
(1) do audit required as f&o profit < 8% ?
(2) If yes , can I get tax audit exemption by investing in PPF for 1.5 lakhs within March ?
(3) Is the minimum taxable income of 2.5 lakhs include ( salary + profit of f&o + interest income - deduction of 80c ) or only salary income ?
(4) please clarify what does the minimum taxable income of 2.5 lakhs include ( different incomes & deductions which can be included ) ?
(5) how much tax I have to pay if ( salary + profit of f&o + interest income - deduction of 80c ) < 2.5 lakhs ?

Anyone Please reply ASAP . Thanks.

-If your turnover is 30L as you mentioned above,then you dont need any audit as your overall profit is > 8%

-If you invest 1.5 in PPF,you get a rebet in tax

-Income means Income,may it comes from Salary or any form.Deduction is not a part of Income.

-Zero tax for you as you are investing in PPF+you getting 2.5L Tax slab benefit.

 

[aja]

Sir ,

1) what I mean is that the minimum total income of 2.5 lakhs above which we have to pay income tax cannot be reduced by deductions of 80 C for exemption to audit ?

2) if once the IT return is processed & we have got our refund than is there any chance that we get notice by IT department for various reasons in future ?

huh?

-didnt understand your this question.

-looks like you got a notice from Income Tax Dept ?

 

[Rohitt]

-If your turnover is 30L as you mentioned above,then you dont need any audit as your overall profit is > 8%

-If you invest 1.5 in PPF,you get a rebet in tax

-Income means Income,may it comes from Salary or any form.Deduction is not a part of Income.

-Zero tax for you as you are investing in PPF+you getting 2.5L Tax slab benefit.

Sirji , I think they consider trading income > 8% , for audit exemption & not overall income .

Anyone please confirm which is correct ?

 

[Rohitt]

huh?

-didnt understand your this question.

-looks like you got a notice from Income Tax Dept ?

Sirji , I didn't get any notice .

(1) I just want to know that if our IT return is processed successfully than in future is there any chance to get notice from IT department for various reasons?

(2) the total income above which we have to pay income tax is 2.5 lakhs , right . So consider my case

F&o turnover - 30 lakhs

Salary -2.4 lakhs
Interest amount - 40 thousand
F&o profit - 1 lakh
80 c deductions -1.5 lakhs

Total = 3.8 - 1.5 = 2.3 lakhs

By this I don't have to pay any income tax but whether the audit is required or not ?

Anyone please reply the correct & final answer.

Thanks

 

[aja]

Sirji , I think they consider trading income > 8% , for audit exemption & not overall income .

Anyone please confirm which is correct ?

Very less traders have trading income > 8%,because the success rate in trading is :annoyed:

The rule says income/profit should be > 8% for audit exemption.
If that's not the case then any trader making just 500rs from trading will have to undergo an audit.(inspite of Salary Income or FD inncome or any other Income).

 

[aja]

Sirji , I didn't get any notice .

(1) I just want to know that if our IT return is processed successfully than in future is there any chance to get notice from IT department for various reasons?

(2) the total income above which we have to pay income tax is 2.5 lakhs , right . So consider my case

F&o turnover - 30 lakhs

Salary -2.4 lakhs
Interest amount - 40 thousand
F&o profit - 1 lakh
80 c deductions -1.5 lakhs

Total = 3.8 - 1.5 = 2.3 lakhs

By this I don't have to pay any income tax but whether the audit is required or not ?

Anyone please reply the correct & final answer.

Thanks

1-Once the IT Return processed then consider the case is closed there.There's no connection between one financial year with another.

2-Nil Tax,No Audit for you.

 

[Rohitt]

1-Once the IT notice processed then consider the case is closed there.There's no connection between one financial year with another.

2-Nil Tax,No Audit for you.

Bhai I am not talking about IT notice , I am asking about IT return I.e. once any IT return is processed successfully than in future is there any chance to get notice for various reasons .

Sorry for asking many questions

 

[aja]

Hope you have not deposited more than 10L in your bank in demonetization period.
IT Dept is sending notices to all such people.They have added new heading named Cash Transaction 2016 under your e-filling home page.