Tax return woes won't spare even loss making traders

[newtrader101]

Again.

You actually benefit from having a method for intraday turnover which gives you a much lower turnover compared to delivery based. This way you can actually benefit more under presumptive taxation as well as audit applicability. Given that delivery based transactions can be reported under Capital gains, not sure why are you worried about the difference in turnover computation.

Anytime you start a new business, compliance environment is often overwhelming. It is same for every business. If you want to manufacture, you have to take tens of registrations, maintain loads of records, inspections etc and what not. The point is to not crib and focus on developing your business strategies that help you make profit in long term.

Hi Nikhil,

Appreciate your bringing some methodical sense into this mazy madness (atleast that is what it looks like to the unintitiated like me). You're right: playing the victim does not help.

Traders, there are some video tutorials here on how to file ITR-2 (this one fits those traders who are not making an audit and it has a section for capital gains):

 

[sadiq]

HI guys .. i am only trading in options .. need to file ITR .. still not in profit is different story

 

[canikhil]

Hi Nikhil,

Appreciate your bringing some methodical sense into this mazy madness (atleast that is what it looks like to the unintitiated like me). You're right: playing the victim does not help.

Traders, there are some video tutorials here on how to file ITR-2 (this one fits those traders who are not making an audit and it has a section for capital gains):

this would apply to cases where there is no options, futures, commodities and speculative trading. Only delivery based equity/debt trades can be covered in ITR-2.

 

[canikhil]

HI guys .. i am only trading in options .. need to file ITR .. still not in profit is different story

if yours is not an audit return, then please file before 6 August. Use ITR-3 or ITR-4

 

[newtrader101]

this would apply to cases where there is no options, futures, commodities and speculative trading. Only delivery based equity/debt trades can be covered in ITR-2.

Ok So in the first case (all 4 segments), ITR-3 or 4 must be used. Thanks.

 

[newtrader101]

But the ITR-4 pdf guide says:

"3. Who cannot use this Return Form
SUGAM cannot be used in following cases
(c) Income under the head “Capital Gains”, e.g. Short-term capital gains or long-term capital
gains from sale of house, plot, shares etc.; or
(g) Income from Speculative Business and other special incomes"

And the ITR-3 guide says it is only for those doing proprietary business.

Also I did not find any worksheet for CG in either of these.

ITR-2 is the only one that has a worksheet for CG.

 

[canikhil]

But the ITR-4 pdf guide says:

"3. Who cannot use this Return Form
SUGAM cannot be used in following cases
(c) Income under the head “Capital Gains”, e.g. Short-term capital gains or long-term capital
gains from sale of house, plot, shares etc.; or
(g) Income from Speculative Business and other special incomes"

And the ITR-3 guide says it is only for those doing proprietary business.

Also I did not find any worksheet for CG in either of these.

ITR-2 is the only one that has a worksheet for CG.

Please refer ITR-3 also

 

[newtrader101]

Ok the scope of the ITRs 3 and 4 were changed from 2017 and the user guides were not updated. So ITR-3 and 4 are sufficient.

 

[newtrader101]

---Removed previous message

 

[newtrader101]

Look at this:
Farmers are tax exempt, so is company with Rs 215 cr profit
Some of the beneficiaries are : MONSANTO, KAVERI SEEDS (KSCL) etc.

Enough said!