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

[diosys]

hi diosys
I am salaried, I have done all kind of tradingi.e intraday, short term, future&option, and commodity. Am I supposed to fill only one form for my tax return i.e ITR4 or any other form as well.

Dear Aman,

Fill only ITR-4

 

[kapil123]

Can I subtract the short term capital loss from the business income (thru' trading in derivatives).

Cheers,
Kapil

 

[Aman1]

THANKS diosys. one more thing if my turnover is not more than 40lacs then ihave to fill itr3? am i correct?

 

[diosys]

Can I subtract the short term capital loss from the business income (thru' trading in derivatives).

Cheers,
Kapil

dear kapil...

this is not allowed....you can carry forward this loss to be set off with capital gain income in the next year if any...

 

[diosys]

THANKS diosys. one more thing if my turnover is not more than 40lacs then ihave to fill itr3? am i correct?

no....fill only itr4 and not 3

 

[Aman1]

Thanks .ITR4 but no audit since my totalturnover is less than 40lacs I suppose.

 

[diosys]

Thanks .ITR4 but no audit since my totalturnover is less than 40lacs I suppose.

Yes audit is not required...

 

[IRISCOMP]

sir,

i trade in F&O , please guide what shall constitute purchase/sales as far as page 4 of ITIR4 goes. If we take the enitre purchase/sales than it may go above 40 lakhs,but for audit purposes we toatl plus/minus which is below 5 lakhs. how to write figure in page 4 of itr 4

 

[kapil123]

sir,

i trade in F&O , please guide what shall constitute purchase/sales as far as page 4 of ITIR4 goes. If we take the enitre purchase/sales than it may go above 40 lakhs,but for audit purposes we toatl plus/minus which is below 5 lakhs. how to write figure in page 4 of itr 4

For trading in F&O, the limit of 40 lacs is the profit or loss in absolute terms. This means that if you have 100 profitable transactions with total profit of Rs 5 lacs, and 50 loss making transactions with total loss of Rs. 3 lacs. Then the total of profit and loss in absolute terms is only 8 lacs, and hence there is no requirement of an audit.

Dio please correct me if I am wrong.

Cheers,
Kapil

 

[rajfal]

Dear Diosys,

I and my wife hold a joint bank account wherein all the transaction where done by my wife with her own capital in her own name while I was using my seperate bank account for my transactions.

Once, we made a mistake and bought money market cash fund in my name from this joint bank a/c.

While filing the return, we missed that mistake and that entry was shown in her return.

Now, I am being asked why the same MF though purchased in my name is not reflected in my return.

Can you suggest a way out and how can I convince that my wife's return does show that entry and it was a genuine mistake on our part. The interest earned from this transaction is insignificant and hence doesn't make much difference to our tax liability.

Regards,

rajfal