Are You Covered Under Tax Audit

[traderniftybull]

In 2015-2016assessment year..i had uploaded ITR 1..if i had not gained from intraday trading on that year..can i be under audit..as i had huge turn over on that year.

audit will depend on your turnover, profit/loss and other income.
what is the turnover for ay 15-16 and other parameters.

 

[canikhil]

In 2015-2016assessment year..i had uploaded ITR 1..if i had not gained from intraday trading on that year..can i be under audit..as i had huge turn over on that year.

If you had a huge turnover, Income-tax department will anyway know about it through AIR information. Best is to revise the return right now and file the audit report. You got another 20 days to do this.

 

[Rohitt]

Hi sir ,

I have salary income of 2.4 lakhs , f&o turnover ( no equity trading ) of 30 lakhs & profit of 1 lakh , interest income of 40 thousand on FD .
(1) do audit required as f&o profit < 8% ?
(2) If yes , can I get tax audit exemption by investing in PPF for 1.5 lakhs within March ?
(3) Is the minimum taxable income of 2.5 lakhs include ( salary + profit of f&o + interest income - deduction of 80c ) or only salary income ?
(4) please clarify what does the minimum taxable income of 2.5 lakhs include ( different incomes & deductions which can be included ) ?
(5) how much tax I have to pay if ( salary + profit of f&o + interest income - deduction of 80c ) < 2.5 lakhs

Please reply ASAP . Thanks.

 

[Rohitt]

Sir, I have salary income of 2.4 lakhs . I did f&o turnover of 30 lakhs with profit of 1 lakhs , interest amount of 40 thousand. So
1) do I have to do tax audit ?
2) if yes , can I get tax audit exemption by investing in PPF for 1.5 lakh to bring net taxable income less than 2.5 lakhs ?
3) if ( salary + f&o profit + interest amount - deductions of 80c ) < 2.5 lakhs , tax audit required ? & How much income tax to pay with above equation ?

Sir, please guide me .

Thank you.

 

[Rohitt]

Nikhil , xray , travi sir & others please reply my above 2 posts.

Thank you.

 

[canikhil]

Sir, I have salary income of 2.4 lakhs . I did f&o turnover of 30 lakhs with profit of 1 lakhs , interest amount of 40 thousand. So
1) do I have to do tax audit ?
2) if yes , can I get tax audit exemption by investing in PPF for 1.5 lakh to bring net taxable income less than 2.5 lakhs ?
3) if ( salary + f&o profit + interest amount - deductions of 80c ) < 2.5 lakhs , tax audit required ? & How much income tax to pay with above equation ?

Sir, please guide me .

Thank you.

Audit is required in your case as your overall income is in excess of 2.5 lakhs and your profit % is less than 8%. Applicability of tax audit has no relation to 80C investments.

 

[Kashasathi]

Hello Nikhil Sir,
I was told by few guys that YOU are really a nice and genuine CA.
Pls accept my apology,Ignore my rudeness and pls answer my queries.
Sir,I am not able to concentrate on my trading due to these IT notices.

queries are-
1)I am sure that my response to Defective Return will be rejected by CPC.What will happen next?
Will I be penalized for not maintaining books of account?
2)How much will be penalty on 4,35,840Rs income mentioned in ITR?
3)I visited 3 CA's but they gave very confusing replies like I need audit.
Other said penalty of 25,000rs will be levied etc.

Kashyan Rathi

 

[elwavetrader]

Nikhil Sir

FM in his budget speech announced a presumptive scheme of 6% (instead of 8% at present) for traders, who use digital (online) means only (something like this). Is this scheme applicable to FnO traders also, as we FnO traders use only online means for our trading. Can you please post details about this. Thanks

 

[elwavetrader]

Nikhil Sir

Please point out the incomes that can be adjusted with trading loss, out of the following incomes, namely

1. Salary (not adjustable, I know)
2. Income from house property (any difference between residential and commercial property income)
3. Income from speculative gains
4. Short term capital gains
5. Long term capital gains
6. Income from fixed deposit
7. Savings bank account intrest

Please do add such other incomes, if I have missed some. Thanks

 

[bijoy2526]

If you had a huge turnover, Income-tax department will anyway know about it through AIR information. Best is to revise the return right now and file the audit report. You got another 20 days to do this.

Sir.. income tax department has received my ITR v only on 10 th of this month hence the status of my income tax return for the assessment year 2015 showing uploaded only,can i revise the return? I dont know how to file audit report.what documents i need for filing this audit report.?I remain very busy with my job through out the day.can i have professional help from any one for revising my return on line ,i am willing to pay..plzz help Bijoy