Zerodha - Number One Discount Broker in India

[arcus]

On going through Zerodha backoffice calculations of "Turnover" as defined under Income Tax to find out whether or not the audit is necessary, I observe that since the sell side of option contract is considered for each contract traded in turnover, options increase the turnover figures compared to futures as in futures the profit/loss of the entire month ( settlement period) for a contract ( like Nifty Fut June 2013...etc) .

Option traders are at a definite disadvantage when it comes to calculation of Turnover and they have to make more profits to steer clear of presumptive taxation of 8 % of turnover or more to be shown as profit so that audit is not required if the turnover is less than Rs 100 Lakhs.....so trading in options is turnover hungry....and disadvantageous for F & O trader. Trading in futures is much better in this regard..

Is my reading correct or I am missing something ?

Smart_trade

How much do CA charge for an audit. A rough estimate?

 

[Delaroche]

I trade within my available margins.however I keep on getting margin penalty amount slapped intermittently as . could u explain the probable reason in detail? it would help me plan my trades better !! regards.

 

[simplebuthard]

How much do CA charge for an audit. A rough estimate?

Usually this is anywhere from 5000 Rs to 15000 Rs.

 

[arcus]

Here is an interesting website to do filing of Income tax...

http://gadgets.ndtv.com/internet/fe...-filing-of-income-tax-returns-in-india-558215

https://cleartax.in/Meta/Pricing

I wonder if they do the F&O Audit for Rs 2,300. Would be great and hassle free.

 

[megapixel]

Wish zerodha had a tie up to some CA firm .....that would have been bit cheaper

 

[chintan786]

Here is an interesting website to do filing of Income tax...

http://gadgets.ndtv.com/internet/fe...-filing-of-income-tax-returns-in-india-558215

https://cleartax.in/Meta/Pricing

I wonder if they do the F&O Audit for Rs 2,300. Would be great and hassle free.

clear tax asking for 6500 + taxes for audit & filing. i have bad experience with them

 

[TraderRavi]

clear tax asking for 6500 + taxes for audit & filing. i have bad experience with them

how they do audit online ?
in this link no mention of audit https://cleartax.in/Business/Pricing ?

 

[arcus]

clear tax asking for 6500 + taxes for audit & filing. i have bad experience with them

When you say, you had a bad experience; is it that they did not audit properly or some other reason?

Even Rs 6,500/- plus tax is reasonable for F&O Audit.

 

[TraderRavi]

When you say, you had a bad experience; is it that they did not audit properly or some other reason?

Even Rs 6,500/- plus tax is reasonable for F&O Audit.

http://www.traderji.com/taxation-matters/94839-bad-experience-cleartax.html

 

[arcus]

how they do audit online ?
in this link no mention of audit https://cleartax.in/Business/Pricing ?

https://taxcloudindia.com/paytax/y2012/0/CapitalGain

"If you have a lot of share trading activity (e.g. if you are a day trader with lots of activity or if you trade regularly in Futures and Options), the Income Tax Department classifies this as a Business Activity. In that case, you need to file an ITR-4 and show the Profit / Loss from the share trading under the head "Income from Business and Profession". Click here to buy the ClearTax Business Plan in case you want an expert CA from the ClearTax team to help prepare and e-file your Income Tax Return."