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

[Satya.]

You said

1 - you have 1L of TO
2 - 25K loss
3 - FD interest (you didnt declare)
4 - cash deposit (what sort of cash deposit, you didnt declare)
5 - Total income below 2.4L

Leave aside point 3 & 4, as your total income is less than 2.5L, even with a loss in trading you wont have to go for audit.
but as bank has deducted 3800 as TDS, you have to file return for a refund.

Sir,
1-F&O TO=1L
2-25k loss
3-FD interest=31457
4-Cash deposit of 60k(10kX6 times)
5-Total income very below 2.5L

Bank deducted TDS though I submitted 15G,I wnt tht refund of 3794rs

 

[Satya.]

but as bank has deducted 3800 as TDS, you have to file return for a refund.

Sir,
which code & which ITR should I've filed?

I used 0204 code and ITR4.

 

[traderniftybull]

Sir,
1-F&O TO=1L
2-25k loss
3-FD interest=31457
4-Cash deposit of 60k(10kX6 times)
5-Total income very below 2.5L

Bank deducted TDS though I submitted 15G,I wnt tht refund of 3794rs

yes, what I posted in my previous post is correct, you wont have to go for 8% profit.

And for this 60K cash deposit (I assume this deposit was made during demonetisation time), only in case of deposit of a total, above 200K, it is necessary to declare in ITR

let Nikhil ji posts his comments.

 

[canikhil]

yes, what I posted in my previous post is correct, you wont have to go for 8% profit.

And for this 60K cash deposit (I assume this deposit was made during demonetisation time), only in case of deposit of a total, above 200K, it is necessary to declare in ITR

let Nikhil ji posts his comments.

File ITR3/4 (depending upon whether you want to maintain accounts or not).

no need for audit.

 

[Satya.]

yes, what I posted in my previous post is correct, you wont have to go for 8% profit.

And for this 60K cash deposit (I assume this deposit was made during demonetisation time), only in case of deposit of a total, above 200K, it is necessary to declare in ITR

let Nikhil ji posts his comments.

Sir,u guessed 100% right abt d cash deposit.

bt,I dnt get dis part-you wont have to go for 8% profit.

how is dis possible?

my profit is blw 8% of TO,so if i dnt dclare 8% as a profit den how come we file a return?

(srry fo my ignorance)

 

[Satya.]

File ITR3/4 (depending upon whether you want to maintain accounts or not).

no need for audit.

I dnt wnt 2 maintain a/cs Sir.

 

[traderniftybull]

Sir,u guessed 100% right abt d cash deposit.

bt,I dnt get dis part-you wont have to go for 8% profit.

how is dis possible?

my profit is blw 8% of TO,so if i dnt dclare 8% as a profit den how come we file a return?

(srry fo my ignorance)

Yes, your profit is less than 8%, but there are some conditions, under/using which one can avoid audit.

Bhai, whatever I have learnt about FnO taxation in easy way, is because of replies and posts by Nikhil ji. Full credit to the posts by Nikhil ji. If you are free this weekend then go through various posts and replies by Nikhil ji in various thread, and I am sure you too will become knowledgeable about taxation on trading etc.

 

[Satya.]

Yes, your profit is less than 8%, but there are some conditions, under/using which one can avoid audit.

dat option is 44AD only Sir

 

[Satya.]

i dunno wht is wht,bt abt dclaring 8%,I knw 2 things-

A=TO is small,income is blw 2.5L and trader in loss,den dclare 8% as a profit(this is my case)
B=actual profit is Big,bt 8% wise it is small then dclare 8%
TO is ex 20L,actual profit is 4L den dclaring 8% is beneficial

thus 8% iz for a loss making small trader or big profit making trader who wants 2 get rid of maintaining books etc

if i m wrong pls correct

 

[Satya.]

some1 jst informed me dat if we filing under presumtive income den we cant opt for a refund for dat itr2 has o itr3 has to be filed nt itr4

d person who told me is a ca frm othr forum