Zerodha Part 2

[Raghuveer]

Could not find a keyboard shortcut mapped to the Data Table from Plus 1.4 and after, so I've added:

Ctrl+Shift+X,Ctrl+Shift+X,Global,NULL,NESTPLUGIN_HOTKEYS,20007,NULL

:clapping::clapping::clapping: Thanks Yusi. It's working after I made the same change. :clapping::clapping::clapping:

previously: 20006 for Shift+D and 20007 was not there.
after change: 20007 goes to Shift+D and 20006 goes to Ctrl+Shift+X.

new lines:

Shift+D,Shift+D,Global,NULL,NESTPLUGIN_HOTKEYS,20007,NULL
Ctrl+Shift+X,Ctrl+Shift+X,Global,NULL,NESTPLUGIN_HOTKEYS,20006,NULL

 

[yusi]

previously: 20006 for Shift+D and 20007 was not there.
after change: 20007 goes to Shift+D and 20006 goes to Ctrl+Shift+X.

new lines:

Shift+D,Shift+D,Global,NULL,NESTPLUGIN_HOTKEYS,20007,NULL
Ctrl+Shift+X,Ctrl+Shift+X,Global,NULL,NESTPLUGIN_HOTKEYS,20006,NULL

Raghuveer, a far neater and more elegant solution.

 

[prabit]

zerodha,
After many request by email and post from 2nd may, repeat request again. "Please enable me for algoz.

 

[Zerodha]

zerodha,
After many request by email and post from 2nd may, repeat request again. "Please enable me for algoz.

Prabit, someone will be calling you to see the issue, it is enabled, must be something to do with settings..

 

[Zerodha]

Have you received a notice from the Income Tax department under section 139(9) and do you trade the markets? Read on to know a possible reason in our section on "taxation for traders" on Zconnect and ensure to follow this to avoid any penalty in the future...

http://www.zerodha.com/z-connect/blog/view/notice-under-section-139-9-possible-reason

 

[Zerodha]

Have you received a notice from the Income Tax department under section 139(9) and do you trade the markets? Read on to know a possible reason in our section on "taxation for traders" on Zconnect and ensure to follow this to avoid any penalty in the future...

http://www.zerodha.com/z-connect/blog/view/notice-under-section-139-9-possible-reason

To add to this, it can have huge financial implications if you don't file your returns because tomorrow the IT department might come to you and ask you to pay taxes on 8% of the turnover...

 

[soft_trader]

To add to this, it can have huge financial implications if you don't file your returns because tomorrow the IT department might come to you and ask you to pay taxes on 8% of the turnover...

Zerodha,

If any trader is in loss and he/she does not file his/her income returns then will there be any problem? Because income tax rule also says that one does not need to file return if he/she has not crossed the taxable limit.

 

[a1b1trader]

Have you received a notice from the Income Tax department under section 139(9) and do you trade the markets? Read on to know a possible reason in our section on "taxation for traders" on Zconnect and ensure to follow this to avoid any penalty in the future...

http://www.zerodha.com/z-connect/blog/view/notice-under-section-139-9-possible-reason

To add to this, it can have huge financial implications if you don't file your returns because tomorrow the IT department might come to you and ask you to pay taxes on 8% of the turnover...

Thanks Zerodha for the detailed blog on taxation in Zconnect
I have gone through a part of blog on this problem

The summary of the article is

For every trader of F&O

You have to maintain the books of accounts and get the accounts audited by a CA whether you are a small trader or a big trader with a turnover upto 1 Crore and having a profit of less than 8% of the turnover. (Traders having turnover of over 1 Crore have to go for compulsory audit, irrespective of profit or loss)

This will be more rigorous for the traders who have a turnover of less than 1 Crore but have incurred loss on their trades (any percentage). Now they have to maintain the books of accounts and get the accounts audited by a CA. Previously one has the option to file or not to file ITR, if one incurs a loss provided one wants to carry forward losses to future years.

So the gist is every trader whether in loss or in profit has to go for the service of a CA and to file ITR. (Only exception is turnover less than 1 crore and profit more than 8% of the turnover, for compulsory audir)

 

[a1b1trader]

Zerodha,

If any trader is in loss and he/she does not file his/her income returns then will there be any problem? Because income tax rule also says that one does not need to file return if he/she has not crossed the taxable limit.

Yes it seems so, because of the section 44AD

Below is an excerpt from the blog
http://www.zerodha.com/z-connect/blog/view/taxation-simplified

**Section 44AD – Everyone using ITR4 will need to have their books audited – added on June 8, 2013

A lot of us (traders using ITR4), would have received notices for the assessment year 2012-2013 (FY 2011-2012) with various errors. We have been able to conclude after speaking to various CAs that this is because of the new clause which was added to section 44AD.

Section 44AD until AY 2011-2012 was meant only for businesses in civil construction. From AY 2011-2012, this was made to include all businesses including the business of trading. What this section states is that even if your turnover is less than 1 crore, if your profit is less than 8% (if you made a loss also), you will still need to have your books audited by a CA. This seems like a decision taken by CBDT without understanding the impact on infrequent or lower volume traders.

What this means is that all of us no matter how big or small will have to maintain our books of accounts constantly updated using our contract notes, bank statements and DP statements. At the end of every year we will need to have this audited by a CA. If you have made a loss, make sure to declare it otherwise an assessment officer tomorrow who has no knowledge about the markets might ask you to pay taxes + penalty even though you have made a loss. It will cost a little money to go meet a CA and get him to audit your books, this will be much better than avoiding showing your trading business or not filing your returns especially in a scenario where the income tax department is going completely online and then having to speak to an assessment officer with the income tax department.

All those of you who have received notices for the last assessment year it is most likely because you are showing a loss or profit of less than 8% of your turnover and don’t have the books audited by a CA. The advice would be to go meet your CA and plan on how to file your revised returns. It is possible that your CA may not know about this, you can guide him to this blog.

 

[TraderRavi]

You have to maintain the books of accounts and get the accounts audited by a CA whether you are a small trader or a big trader with a turnover upto 1 Crore and having a profit of less than 8% of the turnover. (Traders having turnover of over 1 Crore have to go for compulsory audit, irrespective of profit or loss)
So the gist is every trader whether in loss or in profit has to go for the service of a CA and to file ITR. (Only exception is turnover less than 1 crore and profit more than 8% of the turnover, for compulsory audir)

see, turnover in FNO = profit + loss........so if your profit is 2 lakh and loss is 4 lakh = turnover 6 lakh......now profit component is greater than 8% of turnover, so no need to get audited, below 1 crore turnover..........