Please help me in filling ITR3

IKAR

New Member
#1
Kindly request you to point me to the relevant sections to post the following in ITR3.

Since income is <2.5 lakhs, no books to be maintained. So it should go in the non-audit places at the bottom.

FNO turnover 10 lakhs - This should go in the gross receipt row
Loss 50000 - This will go in profit row
Other income 80000 - This goes in other sources sheet.

Please confirm if the above is correct.

Money with broker in the beginning of FY 85000. End of FY 54000. Two withdrawals of 12000 and 5 additions of 10000 throughout financial year. Does this have to be shown anywhere?

What will go in sundry debtors or creditors? What is money left with the broker at the end of the year?

Two savings accounts are linked with the trading account. Numerous non trading related transactions have happened from there. Do I have to add the year end balance for both and show in the cash on hand?

After reading CA Nikhil's advice, I visited two CAs. One of them told me that I have to submit audited statement. I told him that my income is not even near 2.5 lakhs or turnover anywhere near 2 crores, so what is the need for audit? He was not interested.

Another CA told me not to do anything but submit presumptive basis. I asked him that isn't presumptive basis in case of profit not being known? In trading the broker gives the PnL and also turnover with STT paid in form 10. How can I claim that I do not know profits? Turned out that he was not able to calculate turnover for FnO. So I am here asking for help from you experts.

So I have decided to try it myself with the help of kind knowledgeable members.
 

newtrader101

Well-Known Member
#2
Hi,
I was also in a similar situation. In the end, decided to file ITR-3 as CA Nikhil suggested. But it was too complex and as time was running out, registered at a site called https://eztax.in/. and opted for the CA assisted package (2005/-)

Took about 40 mins to enter the details and upload bank and broker statements etc. Completed by 12 pm yesterday night. Today their representative called and after my review, e-filing was completed by 1 pm. They did that too.

So far, so good. Now in God's hands.

NOTE: Auditing with a CA is worth it only if your losses are above 20000/-. That is the charge of a CA.
 

Prataap_2013

Well-Known Member
#3
Kindly request you to point me to the relevant sections to post the following in ITR3.

Since income is <2.5 lakhs, no books to be maintained. So it should go in the non-audit places at the bottom.

FNO turnover 10 lakhs - This should go in the gross receipt row
Loss 50000 - This will go in profit row
Other income 80000 - This goes in other sources sheet.

Please confirm if the above is correct.
From Zerodha varsity: "We typically show all positive turnover as Gross receipts and negative turnover as Gross sales. Sum of sales + receipts is the turnover."

rest here: https://zerodha.com/varsity/chapter/turnover-balance-sheet-and-pl/
 
#4
Kindly request you to point me to the relevant sections to post the following in ITR3.

Since income is <2.5 lakhs, no books to be maintained. So it should go in the non-audit places at the bottom.

FNO turnover 10 lakhs - This should go in the gross receipt row
Loss 50000 - This will go in profit row
Other income 80000 - This goes in other sources sheet.

Please confirm if the above is correct.

Money with broker in the beginning of FY 85000. End of FY 54000. Two withdrawals of 12000 and 5 additions of 10000 throughout financial year. Does this have to be shown anywhere?

What will go in sundry debtors or creditors? What is money left with the broker at the end of the year?

Two savings accounts are linked with the trading account. Numerous non trading related transactions have happened from there. Do I have to add the year end balance for both and show in the cash on hand?

After reading CA Nikhil's advice, I visited two CAs. One of them told me that I have to submit audited statement. I told him that my income is not even near 2.5 lakhs or turnover anywhere near 2 crores, so what is the need for audit? He was not interested.

Another CA told me not to do anything but submit presumptive basis. I asked him that isn't presumptive basis in case of profit not being known? In trading the broker gives the PnL and also turnover with STT paid in form 10. How can I claim that I do not know profits? Turned out that he was not able to calculate turnover for FnO. So I am here asking for help from you experts.

So I have decided to try it myself with the help of kind knowledgeable members.
If you want to file under 'No account case' in ITR3, you can fill following. Criteria for no account case is turnover less than 25 lac and profit less than 2.5 lac. Your profit should be more than 6% (earlier it was 8%) for no account case.
You need to fill below:
Part BS No 6:
Sundry Debtors = 0
Sundry Creditors = 0
Stock in Trade = 0
Cash Balance = cash in broker account + cash in bank account (as on 31/03/2018)

Part P&L No 53:
For assessee carrying business:
Gross Receipts = total turnover (hope you are clear how to calculate turnover)
Gross profit = your total profit
Expenses = all expenses brokerage, STT, other taxes
Net profit = this will be calculated automatically
 

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