Looking for CA for audit and tax preparation related to stocks trading - Bangalore

canikhil

Well-Known Member
#41
Re: Looking for CA for audit and tax preparation related to stocks trading - Bangalor

my final question on this topic:

Tax scrutiny:

when does this happen.
are audit cases also pulled up for scrutiny.

what documents are asked for in this case.

throw some light on this issue please.
cases are picked up for scrutiny on random basis.

Documents are asked for on the basis of nature of income and expenses. So it will vary from case to case.
 

Rehab

Active Member
#42
Re: Looking for CA for audit and tax preparation related to stocks trading - Bangalor

Nikhil Ji,when IT dept release form for filing ITR-1 and ITR-4?

for filling ITR-1,I can see old utility AY 2014-15 where tax limit was 2 L..?

for ITR-4,I will email you.

thnx
 

canikhil

Well-Known Member
#43
Re: Looking for CA for audit and tax preparation related to stocks trading - Bangalor

Nikhil Ji,when IT dept release form for filing ITR-1 and ITR-4?

for filling ITR-1,I can see old utility AY 2014-15 where tax limit was 2 L..?

for ITR-4,I will email you.

thnx
Rehab,

The forms should have been out by now. But the Finance Ministry has kept the release on hold pending a review by the ministry for simplification of the forms.

so you will have to wait for about 10 days more before the forms are made available.

you can mail me anytime you wish. my email is [email protected]
 

XUV-500

Well-Known Member
#44
Re: Looking for CA for audit and tax preparation related to stocks trading - Bangalor

Hi
Will there be relaxation in due date ? probability as new forms are launched ?
 

XUV-500

Well-Known Member
#45
Re: Looking for CA for audit and tax preparation related to stocks trading - Bangalor

Thanks nikhil.
For my case personally I day traded options for a month so turnover won't be high, and I am not planning to trade in individual going ahead and there not much of a loss too so I am not getting into audit thing. I would not have filed form4 return but for tj since my turnover would be in thousands so minuscule.
hi
then you will be paying 8% of which turnover ? By zerodha standards or by total of profit and loss ?
 

newuser_RK

Well-Known Member
#48
Re: Looking for CA for audit and tax preparation related to stocks trading - Bangalor

hi
then you will be paying 8% of which turnover ? By zerodha standards or by total of profit and loss ?
By ca nikhil method...
Zerodha's method just dosnt looks correct....but I can afford to do that because I don't have much of turnover. In case one is a heavy trader I would advice why take risk (Even though I believe there isn't much) better go for a proper audit....

Zerodha was to go for a advance ruling on this, (regarding turnover) anybody knows anything about this....

Just an after thought....

The turnover by selling options implicitly implies that this option won't be squared by selling because its given as a separate point.
 
Last edited:

canikhil

Well-Known Member
#49
Re: Looking for CA for audit and tax preparation related to stocks trading - Bangalor

By ca nikhil method...
Zerodha's method just dosnt looks correct....but I can afford to do that because I don't have much of turnover. In case one is a heavy trader I would advice why take risk (Even though I believe there isn't much) better go for a proper audit....

Zerodha was to go for a advance ruling on this, (regarding turnover) anybody knows anything about this....

Just an after thought....

The turnover by selling options implicitly implies that this option won't be squared by selling because its given as a separate point.
Dear RK,

See the turnover matters only when you are not going for an audit. Once you decide that audit has to be done, then the turnover calculated by any of the method that you may use, doesn't even get any mention in the profit & loss account.

Once the profit & loss account is prepared, it becomes very simple. All the credits (gains in each settlement) reflect on credit side (income side) and all the debits (losses on each settlement) reflect on the debit (expense) side.
 

canikhil

Well-Known Member
#50
Re: Looking for CA for audit and tax preparation related to stocks trading - Bangalor

Nikhil Ji,when IT dept release form for filing ITR-1 and ITR-4?

for filling ITR-1,I can see old utility AY 2014-15 where tax limit was 2 L..?

for ITR-4,I will email you.

thnx

Income-tax department has extended due dates for ITR-1 and ITR2 filing to 31 August 2015. However, the excel utilities have not come out yet (expected by end of 3rd week of June). You can expect non-audit ITR4 filings also to have same time limit

Still no update on audit though.
 

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