Fire your tax related queries and i would get it solved!!!

[canikhil]

Given all this, I feel that it is better to invest in shares and mutual funds than trade derivatives. There atleast there will be no audit thing needed and IT notices also may not come. My mutual funds profit was 14k without any botheration or monitoring.

I have suggesting that to so many clients of mine. But then, who listens to the CA!

 

[FnOtrader80]

No end to my tax miseries, after receiving scrutiny notice for last year return , i now see a demand raised by them on e filing website for return filed for this year. Amount of demand is equal to the amount of taxes i have paid that means they have not considered taxes paid by me at all and simply raised the demand....yet to receive the notice though the demand is visible on the efiling website. haath dho ke peeche pad gaye hein yaar yeh tax department waale ... This after paying more taxes than due...feeling really down and out

 

[Square]

We need Discount Broker along with a Discount CA

Until this happens, I think it is not worth the effort for small traders.

 

[canikhil]

No end to my tax miseries, after receiving scrutiny notice for last year return , i now see a demand raised by them on e filing website for return filed for this year. Amount of demand is equal to the amount of taxes i have paid that means they have not considered taxes paid by me at all and simply raised the demand....yet to receive the notice though the demand is visible on the efiling website. haath dho ke peeche pad gaye hein yaar yeh tax department waale ... This after paying more taxes than due...feeling really down and out

could be a case of wrong tax credit entries in your return.

 

[oi trader boi]

Nikhil Ji,I filed 2 IT returns on last month(25th July).
ITR 1(Parent) and ITR 4(Self) and get it e-verified.But its not proceeded yet.
This time its taking a very long time inspite of e-verification

 

[canikhil]

Nikhil Ji,I filed 2 IT returns on last month(25th July).
ITR 1(Parent) and ITR 4(Self) and get it e-verified.But its not proceeded yet.
This time its taking a very long time inspite of e-verification

that just a month ago. Income-tax has improved. But so has the number of e-filings.

 

[FnOtrader80]

could be a case of wrong tax credit entries in your return.

Yes Sir .. thats what happened. Had to revise the return anyway...

 

[jain.er]

No end to my tax miseries, after receiving scrutiny notice for last year return , i now see a demand raised by them on e filing website for return filed for this year. Amount of demand is equal to the amount of taxes i have paid that means they have not considered taxes paid by me at all and simply raised the demand....yet to receive the notice though the demand is visible on the efiling website. haath dho ke peeche pad gaye hein yaar yeh tax department waale ... This after paying more taxes than due...feeling really down and out

Feel really sad for you. Check your form 26. Then may be consult a CA as a last resort.

Again my advice to all please be on top of your documentation else IT department is know to make life miserable. This is no place for middle class tax payer. I have stopped FnO altogether to avoid this pain in life, but still I fear for my past sins (ie FnO trading etc.)

 

[Square]

Feel really sad for you. Check your form 26. Then may be consult a CA as a last resort.

Again my advice to all please be on top of your documentation else IT department is know to make life miserable. This is no place for middle class tax payer. I have stopped FnO altogether to avoid this pain in life, but still I fear for my past sins (ie FnO trading etc.)

I strongly feel that there should an end-to-end service provider which will integrate investment and trading account, bank account and end up filing legitimate IT return. We have so many online tax filing sites for salaried people. So it should not need and extraordinary effort to integrate investing and trading income as everything is now digital. Being a tech person I can gauge the simplicity of doing this right away. All the transactions, accounting, cash flow can be synced and for some qualitative variables simple DIY self-declaration check boxes for agree / not agree etc can be built. Hope someone takes this initiative since there are so many people doing on and off trading in the market.

Not trading is a simple solution but not the right one. I too am also off from my trading.

 

[Smart_trade]

I strongly feel that there should an end-to-end service provider which will integrate investment and trading account, bank account and end up filing legitimate IT return. We have so many online tax filing sites for salaried people. So it should not need and extraordinary effort to integrate investing and trading income as everything is now digital. Being a tech person I can gauge the simplicity of doing this right away. All the transactions, accounting, cash flow can be synced and for some qualitative variables simple DIY self-declaration check boxes for agree / not agree etc can be built. Hope someone takes this initiative since there are so many people doing on and off trading in the market.

Not trading is a simple solution but not the right one. I too am also off from my trading.

Audit costs 10 k in a year that is less than Rs 1000 pm....for such small amount are we going to stop trading ?It is less than one single stoploss per month..if the trading is not profitable for someone then he can stop trading but audit is no reason to stop trading...and for the years you show profits more than 8% of turnover,there is no audit requirement if turnover is below Rs 2 Cr ( earlier Rs 1 Cr).

Smart_trade