Are You Covered Under Tax Audit

[traderniftybull]

Contact a good CA, who knows about FnO, to file audit report.

 

[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

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

Nikhil Sir, Please reply.

 

[Happy_Singh]

Nikhil Sir, Please reply.

He is a Chartered Accountant, with a business to run and zillion other things to do . . .

Can we not give him some space, and allow him to reply on his time . . .
or even grant him his right to ignore few posts/questions if he finds no time . . .

Why be so demanding, just post your query and let him choose how/when to respond . . .

Cheers

Happy

 

[elwavetrader]

He is a Chartered Accountant, with a business to run and zillion other things to do . . .

Can we not give him some space, and allow him to reply on his time . . .
or even grant him his right to ignore few posts/questions if he finds no time . . .

Why be so demanding, just post your query and let him choose how/when to respond . . .

Cheers

Happy

I very well know that he is a CA and a zillion and zillions of things to do. (no need to remind me). Only, I saw him on the board yesterday, thats why requested him again.

BTW, even if you are a senior member here, you should have no reason to put your leg here and suggest him, what he should do and what he should not.

 

[Happy_Singh]

I very well know that he is a CA and a zillion and zillions of things to do. (no need to remind me). Only, I saw him on the board yesterday, thats why requested him again.

BTW, even if you are a senior member here, you should have no reason to put your leg here and suggest him, what he should do and what he should not.

I have all the right to point out that members who are helping out should not be nagged and you should avoid lecherous behavior . . .

Yes, but you do have all the right to get mad at me . . .
or even Nikhil for not responding to your "urgent" demands


Happy

 

[elwavetrader]

My reply to HS was deleted. Its your discretion, so no problem
But want to add, isnt it unfair to delete only my post and not that of HS

 

[pannet1]

Hi,

I did not make any profit this financial year. I do not have any other source of income. Should I file my returns?

 

[traderniftybull]

Hi,

I did not make any profit this financial year. I do not have any other source of income. Should I file my returns?

Bhai, department is looking more for those, who are making loss in trading.

Anyway, joke apart
It all depends on the total turnover of your trades. So better post total turnover, so as to give an a reply.

 

[Happy_Singh]

Hi,

I did not make any profit this financial year. I do not have any other source of income. Should I file my returns?

Yes, you have to start filling your returns some time, getting an audit done or not can be a question . . .

Make it simple a RR decision, lets say you spend 15 K extra on getting the Audit done . . .

Now assuming you will be in the 30% bracket next year :thumb:

so if you have a loss bigger than 45K, then helps to carry it forward
and adjust it against future gains,

Also carrying forward the loss will be true to your current trading strategy


Happy

 

[pannet1]

Bhai, department is looking more for those, who are making loss in trading.

Anyway, joke apart
It all depends on the total turnover of your trades. So better post total turnover, so as to give an a reply.

Haha,

Losing traders are easy to find like sand on the beach. :lol:

My options turnover for this year is ₹32,24,827.17.
Equity short term turn over is ₹7,000.
Equity Long term turn over is 0.

Courtesy of Zerodha backoffice.