Changes in ITR Forms 2017-18

[Square]

This year in IT filing the Codes for "Nature of Business" have changed, I wanted to reconfirm the code for:
1) Income from Derivatives Trading (Business Income) and
2) Income from Intraday Equity Trading (Speculative Income)

I visited Zerodha Varsity site and found the below response from Nithin:
"You could maybe use this Code: 13010 – Financial intermediation/Investment activities. This seems be the closest category to investment/trading related activity."

This I think is his opinion, and the words "could maybe" do not sound convincing, still I know he is best placed to give this "suggestion".

I request senior members to kindly reconfirm for benefit of all, since they themselves will be filing their returns putting the codes, so it will more authentic and convincing.

 

[IKAR]

That is a real problem. Many are telling me to use 13015 instead of 10, Thoroughly confused!

 

[canikhil]

That is a real problem. Many are telling me to use 13015 instead of 10, Thoroughly confused!

please do not use 13015. 13010 is closer to what we are doing as traders.

 

[LOVEENAJYOTHI]

Dear @canikhil ,
In case of a motion film production firm,
all the direct expenses related to the current movie under production have been debited to work-in-progress because revenue will start only in the next financial year after release of the movie.
These Direct Expenses consists of mainly Director's/Actors' fees n expenses , Travel, Boarding expenses, techincal fees and such

AND only a very small portion among these DIRECT expenses can be termed as "PURCHAES"

Now my problem is , in ITR V's P&L,
there is no provision to reflect these DIRECT Expenses, it has input fields only for Opening Stock/WIP & PURCHASES
Rest are all indirect expenses fields.

Now how shall i reflect this Film production cost in it's entirety (which is c/f to next year as WIP) in the ITR V's P&L ?

My only option is to show the entire cost as PURCHASES bcoz thats the only input field available in the Trading/Manufacturing part of the P&L of ITR V ?

Thank you
Hope for your guidance

 

[canikhil]

Dear @canikhil ,
In case of a motion film production firm,
all the direct expenses related to the current movie under production have been debited to work-in-progress because revenue will start only in the next financial year after release of the movie.
These Direct Expenses consists of mainly Director's/Actors' fees n expenses , Travel, Boarding expenses, techincal fees and such

AND only a very small portion among these DIRECT expenses can be termed as "PURCHAES"

Now my problem is , in ITR V's P&L,
there is no provision to reflect these DIRECT Expenses, it has input fields only for Opening Stock/WIP & PURCHASES
Rest are all indirect expenses fields.

Now how shall i reflect this Film production cost in it's entirety (which is c/f to next year as WIP) in the ITR V's P&L ?

My only option is to show the entire cost as PURCHASES bcoz thats the only input field available in the Trading/Manufacturing part of the P&L of ITR V ?

Thank you
Hope for your guidance

man - I will have to see. there are separate provisions of taxation of movies which I have not dealt with practically. let me respond tomorrow morning.

 

[LOVEENAJYOTHI]

man - I will have to see. there are separate provisions of taxation of movies which I have not dealt with practically. let me respond tomorrow morning.

Thank you so much ,
Will wait for your Final Go signal.
Thanks again

 

[LOVEENAJYOTHI]

Dear @canikhil ,
In case of a motion film production firm,
all the direct expenses related to the current movie under production have been debited to work-in-progress because revenue will start only in the next financial year after release of the movie.
These Direct Expenses consists of mainly Director's/Actors' fees n expenses , Travel, Boarding expenses, techincal fees and such

AND only a very small portion among these DIRECT expenses can be termed as "PURCHAES"

Now my problem is , in ITR V's P&L,
there is no provision to reflect these DIRECT Expenses, it has input fields only for Opening Stock/WIP & PURCHASES
Rest are all indirect expenses fields.

Now how shall i reflect this Film production cost in it's entirety (which is c/f to next year as WIP) in the ITR V's P&L ?

My only option is to show the entire cost as PURCHASES bcoz thats the only input field available in the Trading/Manufacturing part of the P&L of ITR V ?

Thank you
Hope for your guidance

man - I will have to see. there are separate provisions of taxation of movies which I have not dealt with practically. let me respond tomorrow morning.

Dear @canikhil,
Any Advice ?

Also
The ITR V is not accepted (defective) if the Gross receipts/revenue side is 0.
How the businesses which are still in Gestation/Incubation period with 0 revenue for the financial year shall file ITR V if it is not accepted when gross receipts is 0 ?

Thank you,
In anticipation of your expert advice.

 

[canikhil]

Dear @canikhil,
Any Advice ?

Also
The ITR V is not accepted (defective) if the Gross receipts/revenue side is 0.
How the businesses which are still in Gestation/Incubation period with 0 revenue for the financial year shall file ITR V if it is not accepted when gross receipts is 0 ?

Thank you,
In anticipation of your expert advice.

Hey can you send me a copy of the ITR and ITRV over message (remove the vitals)