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

[Square]

You guys are wasting time on making speculations on this. Income-tax department doesn't even understand derivatives. They are just picking data from brokers and sending notices. For them the turnover is the gross value of contracts!. So don't bother about threshold limits etc. Be assured that sooner or later, anyone/everyone filing ITR-4 ends up with a tax notice.

This is what I am thinking that there will be some cut off of gross value of contracts above which they are sending notices. And if we can somehow know this limit then we do not have to worry. Majority traders are small part time traders with a full time job. Salary is our main source of income. Spending 10k on audit is also a large amount which can be avoided if we don't fall in this bracket at all.

 

[canikhil]

If you intend to carry forward your loss in your balance sheet, you need to mention it and hence get an audit done.

If loss is not huge and you can justify it with income source/cash flow, then don't worry.

Its funny though, why do people sitting over a loss of few lakhs of rupees
crib about paying 12/15-20 K to maintain proper accounts and get an audit done.
When doing so will give them a big benefit on taxes from future income also peace of mind.


Happy

Audit is to be done only where:

1. The turnover is above 1 cr (for FY 2015-16. For FY 2016-17, it is 2 cr)

2. The audit is below 1 cr and profit is less than 8% but overall income is above the exempted limit. So in case you just have trading losses and lets say, no salary income, then no audit is required.

 

[niftygupshup]

The definition of loss as
"loss is a profit that is less than 8%"
suits every one except the loss making trader

The govt, the IT department, IT men, ICAI, CAs

 

[Square]

Audit is to be done only where:

1. The turnover is above 1 cr (for FY 2015-16. For FY 2016-17, it is 2 cr)

2. The audit is below 1 cr and profit is less than 8% but overall income is above the exempted limit. So in case you just have trading losses and lets say, no salary income, then no audit is required.

In my case turnover in derivatives is 32 lacs and loss is 67k. So I will be exempt from audit. Right?

 

[niftygupshup]

IMO, not necessary
read it like this

If you are an individual with less than 60 years of age, and your gross income is not more than 250000, then it is.

gross income includes every type of income, salary, interest income from savings bank, FD etc etc

 

[jain.er]

In my case turnover in derivatives is 32 lacs and loss is 67k. So I will be exempt from audit. Right?

No you are liable to pay tax on 8% of 32 as profit. Else if u want to save on that u have to pay auditor to get an audit done. Rest assured if u don't pay tax one day u will get notice. Undetstand this notice dene mein unka koi kharcha nahi hota, instead it opens up opportunity for bribes and target completion.

Sent from my AO5510 using Tapatalk

 

[Smart_trade]

In my case turnover in derivatives is 32 lacs and loss is 67k. So I will be exempt from audit. Right?

If your gross income from all other sources is less than 2.5 L per annum then no audit.

Smart_trade

 

[ankur07090]

I have one concern.
I am salaried person and tax is deducted from monthly salary if not shown any investments like LIC...etc
I also do Intraday trading in futures and brokerage and taxes already deducted.

Lets assume I make a profit of 1 lakh and my salary is 10 lakh in a given year.
As all the taxes(trading business and salary) already deducted before amount come into my account, then do I need to pay any other taxes...

I am not asking for Audit. Only concern is there any chances Do I need to pay any other taxes over the profit and salary.

 

[Smart_trade]

I have one concern.
I am salaried person and tax is deducted from monthly salary if not shown any investments like LIC...etc
I also do Intraday trading in futures and brokerage and taxes already deducted.

Lets assume I make a profit of 1 lakh and my salary is 10 lakh in a given year.
As all the taxes(trading business and salary) already deducted before amount come into my account, then do I need to pay any other taxes...

I am not asking for Audit. Only concern is there any chances Do I need to pay any other taxes over the profit and salary.

Yes ,your profit of Rs 1 L gets added to salary and then you have to pay Income Tax on it....

Smart_trade

 

[equinox]

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