Looking for a CA for help in derivative trading taxation

[VJAY]

i will clear all the queries without any hesitation.

being the 31st july as the due date please bear with me for the delay in explanations.

i will also make an basic excel utility for all which will facilitate turnover calculation

thank you

CA. Ritesh Bafna

Thanks Ritesh...:clapping::thumb:

If possible take traderji members (traders filing returns)job too ...so traders can enter his details in excell sheet and every year he will send it and you can do the needfull after accept some noraml fee ...Hope all traders want it

 

[ritesh.bafna88]

Thanks Ritesh...:clapping::thumb:

If possible take traderji members (traders filing returns)job too ...so traders can enter his details in excell sheet and every year he will send it and you can do the needfull after accept some noraml fee ...Hope all traders want it

surely sir,

but before that i would like to take permission of moderators.

i dont want to cross the rules of the forum

Regards,

CA. Ritesh Bafna

 

[VJAY]

surely sir,

but before that i would like to take permission of moderators.

i dont want to cross the rules of the forum

Regards,

CA. Ritesh Bafna

No sir please.....on internet one not know ones age etc to give respect....so its always better to call by name .....

 

[stockmaverick]

I have used directshares and found it very useful. It lets you track all your trades and use them to do P/L analysis and taxation purposes. Recommending other members to evaluate it.

Thanks,
Nitin

 

[hitesh]

Extension of due date for filing of Returns of Income from 31.07.2013 to 05.08.2013. Five more days for compliance, if not completed yet.

 

[pratap1297]

Dear Ritesh Sir,

I have few queries related to filling F&O transactions in ITR-4

What is the turnover in F&O?

Suppose I bought SBI lot of 125 shares at 2000 at a value of 2.5L and I sold it at 2200 price with value at 2.75L

My profit is 25K and expenses as (Brokerage and taxes).

Query 1) So my turn over is 25K or 4.75L?

ICICI Direct shows following columns
Lot Value --- Brokerage --- ST ---- TC ----- SD --- STC --- STT ---Type
250000 95 11.74 4.87 4.91 .24 Buy
275000 95 11.74 4.85 0 .24 40 Sell

2) Where all these fields will go into Part-PL of ITR-4

3) I should fill only the Part PL sheet of ITR-4 I will put 25K against "Sales/ Gross receipts of business or profession (Net of returns and refunds and duty or tax, if any)". It will be total credit to profit and loss account.

Again few queries

What should I put against
1) Opening stock
2) Purchases
3) Other expenses(Brokerage?)
4) Service tax will be ST and other taxes will be STT

Any Example you can provide?

 

[pratap1297]

Hi Ritesh Sir,

Confused with options

You have mentioned in earlier post that buying a option at 6000 and selling it at 6500. The turnover will be 500 or (6500 and expense as 6000)

 

[RavishReport]

Is there any way by which we can avoid Tax Audit requirement for F&O trades.

 

[a1b1trader]

IMO
No, You can not avoid Tax Audit requirement for F&O trades if the turnover is more than 1 Crore
And yes, No audit is required, if the turnover is less than 1 crore and you show a profit of 8% or more

 

[bbhanushali]

Thanks for Mr. Ritesh Bafna for giving a good clarification on derivatives (F&O) turnover calculations.

I will appreciate if a link can be posted where we can get the guidance note on such calculations from ICAI or tax related authorities, so that any confirmation to either our CA or the tax authorities is at hand.

Many thanks in advance.
Regards,
B. Bhanushali