How to file I t return

[ford7k]

hi friends

whoever has trading done between 1-4-2012 to 31-3-2013,can get following statements from his broker

1. Equity(Cash) Profit & loss summary STATEMENT
2.FNO Profit & loss summary
3.MCX Profit & loss summary
take print outs as pdf files
keep one & submit one
total profit
total loss
if overall, net profit, then pay tax as per rates
if net loss,net loss? pay nothing, just submit proof of losses(ATTACH STATEMENT with it return).
claim the losses to nullify if you made profit in future years.

The it return to be filed before middle of July.
What I heard is this
if long term profits no tax on them for holding over 1 year or more

It dept has norms -if your transactions are above Rs x laks(x=3 or 5 laks)they get reported to it dept by brokers-banks etc incl land registration offices.
any ways if your profit is less than 2 laks chances are you need not pay income tax if you have no other incomes,and have no job.

experts can revise these info.
I will try to provide more info.
happy days

 

[anurag gupta]

hi friends

whoever has trading done between 1-4-2012 to 31-3-2013,can get following statements from his broker

1. Equity(Cash) Profit & loss summary STATEMENT
2.FNO Profit & loss summary
3.MCX Profit & loss summary
take print outs as pdf files
keep one & submit one
total profit
total loss
if overall, net profit, then pay tax as per rates
if net loss,net loss? pay nothing, just submit proof of losses(ATTACH STATEMENT with it return).
claim the losses to nullify if you made profit in future years.

The it return to be filed before middle of July.
What I heard is this
if long term profits no tax on them for holding over 1 year or more

It dept has norms -if your transactions are above Rs x laks(x=3 or 5 laks)they get reported to it dept by brokers-banks etc incl land registration offices.
any ways if your profit is less than 2 laks chances are you need not pay income tax if you have no other incomes,and have no job.

experts can revise these info.
I will try to provide more info.
happy days

thanks ford7k

 

[mmca2006]

I hv a loss of rs 74k and in nifty future in intraday only pls suggest .

Turnover means profit+ loss ,(suppose your profit was 40K , loss was 114K, turnover=154K), if turnover exceeds one cr.(earlier limit was 40 lac) go for audit , if turnover does not exceed one crore , simply show profit @ 8% of the turnover U/S 44 AD irrespective of your actual profit/loss and there is no requirement of maintaining books of accounts and auditing BUT if you do not want to show profit @8% of turnover then you have to go for audit!!
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