How to file I t return

#1
Hi, I hv done intraday trading and hv turnover of 9 Cr. After 1 Sep 2012 till 31 march 2013 .can anyone help when to file it return as someone has told me as I hv to done by auditing by C.A. And file it before 31 Sep 2013 .pls help.
 

Mr.G

Well-Known Member
#2
Hi, I hv done intraday trading and hv turnover of 9 Cr. After 1 Sep 2012 till 31 march 2013 .can anyone help when to file it return as someone has told me as I hv to done by auditing by C.A. And file it before 31 Sep 2013 .pls help.
How much profit did you make?

Did you trade cash or derivatives?
 

Mr.G

Well-Known Member
#4
I hv a loss of rs 74k and in nifty future in intraday only pls suggest .
No need for CA audit. And you can deduct 74K from your IT return showing business loss. Congrats.
 
#5
No need for CA audit. And you can deduct 74K from your IT return showing business loss. Congrats.
The only fact that the trader has incurred a loss does not exumpt him from Audit requirement. It also depends on his turnover as defined under Income Tax .

Please read Zerodha blog to get updated on this issue.

Smart_trade
 

Mr.G

Well-Known Member
#6
The only fact that the trader has incurred a loss does not exumpt him from Audit requirement. It also depends on his turnover as defined under Income Tax .

Please read Zerodha blog to get updated on this issue.

Smart_trade
If derivatives transactions are business transactions, the question then arises as to what constitutes the turnover in derivatives transactions for the purposes of section 44AB or for other purpose.

In the case of futures, the purchases of futures is not recorded as a purchase in the books of account, nor is the sale of futures recognized as a sale. Only the initial margin and mark-to-market margins are recorded as and when paid, and the profit or loss on the futures transaction is recorded as an income/expense on squaring up of the transaction or on expiry of the futures contract.

The margin paid is certainly not the turnover, and neither can the futures sale be regarded as a sale in the light of such accounting treatment. At best, only the difference (profit or loss on the futures transaction) can be regarded as turnover.
 

Mr.G

Well-Known Member
#8
The only fact that the trader has incurred a loss does not exumpt him from Audit requirement. It also depends on his turnover as defined under Income Tax .

Please read Zerodha blog to get updated on this issue.

Smart_trade
Or maybe I got myself, wrong. Someone did suggest that I read the zerodha blog but I rather stick to my IT Manuals. I read up on derivative taxes (skimmed it to be honest)

Am I wrong sir? btw I PMd you check that.
 

Mr.G

Well-Known Member
#9
The only fact that the trader has incurred a loss does not exumpt him from Audit requirement. It also depends on his turnover as defined under Income Tax .

Please read Zerodha blog to get updated on this issue.

Smart_trade
Or maybe I got myself, wrong. Someone did suggest that I read the zerodha blog but I rather stick to my IT Manuals. I read up on derivative taxes (skimmed it to be honest)

Am I wrong sir? btw I PMd you check that.

OK! Now I got it!! Aggregate of loss and profit will be regarded as turn over!!!

Is that means that I hv to file it return before 30 Sep 2013 ? Pls
reply .
You will have to aggregate all the loss and all the profit you made. If the number is higher than Rs.40 lakhs then you will have to get audit done.
 
#10
Tax manuals are outdated, even the most recent ones. This notification came a few months back

Without audits, your tax return is faulty and you will get a notice.

Sorry to say, but for a person claiming to be a fund manager, you knowledge is really stunted.

You dont have a CA degree. No CFA, You dont know tax laws, you most probably are not even a graduate yet, or maybe just are.

I know a few fund managers, and they could eat a dozen of you for breakfast in the knowledge department

Now, after reading this, I am sure you are going to jump around like a wounded dog...... and I will consider it below my dignity to respond to your posts
 

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