Hello, Slightly late in the day to ask this, but to keep the story short - new options trader, no other income other than bank interest. Made a loss of about 50000 on turnover about 17 lakhs. I never realized requirement to calculate turnover etc., assumed only profit or loss need to be shown.
My queries are
1. Shall I submit on Sugam (ITR 4) with presumptive tax?
Reasons - It is almost impossible to for me to understand all sections of ITR 3 and fill it. Also I read that traders who have shown losses have got limited scrutiny notice for turnover - sales mismatch.
Problem - Realized that there is lot of confusion about options turnover calculations and AOs sometimes puts arbitrary high amounts. In Sugam if there is a confusion about turnover, the income and hence presumptive tax changes accordingly.
2. Shall I submit (ITR 3)? Reasons - My loss remains constant (50000) even if the AO decides higher turnover, so no chance of higher outgo of taxes.
Problem - 50000 loss on 16 lakhs turnover may invite scrutiny. Plus I dont know where to fill these details in ITR 3. Is there any website or youtube video link for traders to fill ITR 3?
3. Can scrutiny notice be served even if there is no taxable income?
4. For no taxable income, do I still need to file tax return by July 31? Is there a penalty for late filing?
and finally 4. What is sundry debtor and sundry creditor amount for a stock/fno trader to be filled in ITR form? (already asked in CA Nikhil's thread, will cross link wherever I get the answer first).
Thanks in advance.
My queries are
1. Shall I submit on Sugam (ITR 4) with presumptive tax?
Reasons - It is almost impossible to for me to understand all sections of ITR 3 and fill it. Also I read that traders who have shown losses have got limited scrutiny notice for turnover - sales mismatch.
Problem - Realized that there is lot of confusion about options turnover calculations and AOs sometimes puts arbitrary high amounts. In Sugam if there is a confusion about turnover, the income and hence presumptive tax changes accordingly.
2. Shall I submit (ITR 3)? Reasons - My loss remains constant (50000) even if the AO decides higher turnover, so no chance of higher outgo of taxes.
Problem - 50000 loss on 16 lakhs turnover may invite scrutiny. Plus I dont know where to fill these details in ITR 3. Is there any website or youtube video link for traders to fill ITR 3?
3. Can scrutiny notice be served even if there is no taxable income?
4. For no taxable income, do I still need to file tax return by July 31? Is there a penalty for late filing?
and finally 4. What is sundry debtor and sundry creditor amount for a stock/fno trader to be filled in ITR form? (already asked in CA Nikhil's thread, will cross link wherever I get the answer first).
Thanks in advance.