Are You Covered Under Tax Audit

[pannet1]

Yes, you have to start filling your returns some time, getting an audit done or not can be a question . . .

Should I read some time as next financial year.

Make it simple a RR decision, lets say you spend 15 K extra on getting the Audit done . . .

Total loss expected this year is not more than 10K. So the RR is not worth it. Right?

Now assuming you will be in the 30% bracket next year :thumb:

This means I make a profit of 30%. Is it? 30% of what?

so if you have a loss bigger than 45K, then helps to carry it forward
and adjust it against future gains,

Also carrying forward the loss will be true to your current trading strategy


Happy

Thanks Sardar.

 

[traderniftybull]

Haha,

Losing traders are easy to find like sand on the beach. :lol:

My options turnover for this year is ₹32,24,827.17.
Equity short term turn over is ₹7,000.
Equity Long term turn over is 0.

Courtesy of Zerodha backoffice.

Pannet bro

I am sorry to say, but you have been trapped badly in this jungle of audit, by a small margin, if this turnover is correct. But still there is a way out, to avoid this audit but not filing of ITR.

You not only have to go to file ITR but may be for audit as well.

 

[Happy_Singh]

This means I make a profit of 30%. Is it? 30% of what?

It means you will earn so much that you will have to pay income taxes at 30% rate (i.e. highest tax bracket)


@ TNB, his turnover is 32.25 L, so it's well under 1 CR, no audit on that count,
also as total income under 2.5, no compulsion to file returns . . . .

but as very likely to get some kind of love letter from IT department in future,
no harm in starting to file his returns from this year itself . . .


Happy

 

[VJAY]

Haha,

Losing traders are easy to find like sand on the beach. :lol:

My options turnover for this year is ₹32,24,827.17.
Equity short term turn over is ₹7,000.
Equity Long term turn over is 0.

Courtesy of Zerodha backoffice.

is this correct turnover ?means sum of option trading profit+loss+selling premiums?

 

[pannet1]

VJAY,

copy paste from z back office


Equity
Intraday gross profit ₹-4,146.65
Intraday turnover ₹10,978.15
Short term gross profit ₹-247.00
Short term turnover ₹7,544.50
Long term gross profit N/A
Long term turnover N/A
Total Charges ₹3,075.16

F&O
Futures Gross Profit N/A
Options Gross Profit ₹-8,703.50
Total Gross Profit ₹-8,703.50
Futures Turnover N/A
Options Turnover ₹32,24,827.17
Total Turnover ₹32,24,827.17
Total Charges ₹20,364.19

No Commodity and Currency trading this year.

 

[VJAY]

VJAY,

copy paste from z back office


Equity
Intraday gross profit ₹-4,146.65
Intraday turnover ₹10,978.15
Short term gross profit ₹-247.00
Short term turnover ₹7,544.50
Long term gross profit N/A
Long term turnover N/A
Total Charges ₹3,075.16

F&O
Futures Gross Profit N/A
Options Gross Profit ₹-8,703.50
Total Gross Profit ₹-8,703.50
Futures Turnover N/A
Options Turnover ₹32,24,827.17
Total Turnover ₹32,24,827.17
Total Charges ₹20,364.19

No Commodity and Currency trading this year.

Okey ...you are in loss so why you need audit etc?

I think we again wait for nikhilji's reply

 

[traderniftybull]

It means you will earn so much that you will have to pay income taxes at 30% rate (i.e. highest tax bracket)


@ TNB, his turnover is 32.25 L, so it's well under 1 CR, no audit on that count,
also as total income under 2.5, no compulsion to file returns . . . .

but as very likely to get some kind of love letter from IT department in future,
no harm in starting to file his returns from this year itself . . .


Happy

Perhaps you are not aware of the taxation and audit rules. Only this much I can say.
And also you have not read CANikhil posts.

 

[Happy_Singh]

Perhaps you are not aware of the taxation and audit rules. Only this much I can say.

Ok, then please enlighten me

Happy

 

[pannet1]

Pannet bro

I am sorry to say, but you have been trapped badly in this jungle of audit, by a small margin, if this turnover is correct. But still there is a way out, to avoid this audit but not filing of ITR.

You not only have to go to file ITR but may be for audit as well.

TNB,

You really scared the $n1+ out of me

 

[VJAY]

Dear Nikhilji,
If our turnover below 1CR and negative profit(loss) then too this below 8% profit of turnover apply.. need to audit?....here i mean our overall amount otherthan trading is above tax limit(2.5Lak).