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

[TFL]

Re: ITR 4 or ITR 2?

Dear All,


Iam a salaried employee having annual income of 2.5 Lakhs apart from this is i trade in share market in instruments like:
1) Delivery
2) Day trading (Intraday)
3) Future & options
I have suffered loss in Day Trading & (F&0) for fiscal 08-09 of about 30,000 Rs. can anyone please guide me which form i need to fill?ITR 2 or 4?
And if its ITR 4 is their any website where i can fill the same.


Thanking you in advance.

You should file with ITR4.

 

[solesurvivor]

Hi Tax Gurus,

I did read thru the thread, but could not get clear answers. So I am posting my questions here.

I started trading in Intraday futures since last year. So this is the first time I am filing tax involving derivative income/loss.

1. I am salaried, and most of my future trades have been intraday. I have done about 100 intraday trades last year. So I shud file it as speculative income, right?

2. I have suffered overall losses in my trades last year. So is there some special mention i need to do so I can carry forward the losses? Or simply filing it as losses will make it eligible to be offset in the following years?

3. I should generate an ITR V or ITR IV?

4. Should I deduct the brokerage and Security tax from the total profit/loss?
I mean, I Enter=100Rs Exit=110Rs Profit=10Rs Brokerage+SecTax=2Rs. So what is the profit I should consider for filing? Rs 10 or Rs 8(10-2)?

Please help me with this. Your response will help me get some peace of mind.

Regards,
Adarsh

 

[sam2trade]

Hi,

I am salaried and for first time I did just one trading for the year 2008-2009 and my profit was around 80 Rs.
Which form do I have to fill ?

Thanks,
Sameer.

 

[senthilprb]

Hi,

i am salaried person. i did intraday trading and lost some money around Rs.10,000. My query is Shall i show this is as loss in IT ?

Please advice.

 

[santyups]

Dear friend,
I have a demat account with SBI so I used to indulge in short term trading with MOSL as my broker. I lost some money in the last financial year but I do not remember the exact amount of money which I have lost.
My queries are-
1-How can i find out the exact amount of money which I have lost i.e. the amount inclusive of brokerage,STT etc?
2- For how many years Can i carry forward my Losses?
3-What Can be carried forward - only the loss due to difference in buy and sell price of the shares OR the total amount of money lost due to brokerage,STT etc?

 

[rian.morietto]

Profile:

Income: Salary + Day Trading

ITR - 4 will be used to file my returns. I need few help to fill up the same.

Income Tax on Day Trading : Cumulative loss of 8 lacs which i want to carry forward for the next four years. I have made like 230 share transactions. There are few profits but overall it was a loss of - 8 lacs. How would I calculate the loss to be carried forward? Do I have calculate the profit/loss for each share transactions and then deduct the STT and Brokerage from it ? It would be great if someone throws some light into this. I have the detailed report from Sharkhan which they call it the Ledger Balance.

In ITR - 4, there are couple of queries which are doubtful for me.

Nature of Business: 0808 - Share Brokers, Sub Brokers and others

Part A - BS: Do I have to fill up this Balance Sheet Data?
I have no accounts maintained as i have only done day trading. In that case I would have to fill up ITEM number 6. Which item in 6 (Amount of total sundry debtors/ amount of total sundry creditors ...? ) do i have to fill up here as my Business Income is a loss of -8 lacs.

Part A - P&L: I have no Profit and Loss statements so i would fill up ITEM number 51. which rows i have to fill up in ITEM 51 to show a loss of business income which is through share trading. Am I correct in understanding this?

Schedule BP: The only item I should fill up B ( Computation of income from speculative business) row number 38?

Schedule CG: Capital Gains schedule need not be filled up as all losses have been accounted for in Schedule BP

Schedule CYLA: But there are profit from10% share transcations and loss from 90 % of the amount. Do I have to show them separately under Business profits and Losses in this schedule?

Any help regarding the above would be deeply appreciated.

 

[TFL]

The person who was answering questions in this thread stopped attending the question since many weeks. Hope he will come back soon.​

 

[vasa1]

The person who was answering questions in this thread stopped attending the question since many weeks. Hope he will come back soon.​

Yes! But wherever Diosys is, we wish him all the best and a million thanks for all the help he has given over the past so many months:clapping:

 

[diosys]

Hi guys....

I am back....

had gone a llllllllllllllllooonngggg vacation....

back to help you with all the tax nitty gritties....

 

[diosys]

hello sir,
first of all, thank you for this thread and its really great that someone is doing it. let me cut this short.
i have started trading in shares just recently, one month to be exact. and basically until now i have traded only on intraday basis and am very happy at the way things are going. made some money. this is my only source of income.
i trade intraday basis with shares as well as in options. so how would the tax be caluclated in my case.
will it be after the inital slab of 1 lac per year?
will it be on the basis of short term capital gains?
will my expenses be deducted?
what is the tax on options and futures trading?

i do it 2 ways.....
intraday and secondly take delivery and sell them of within the trading + 2 days.....

would really appreciate your answer.
i deal with sharekhan online and do i need to keep records of my trades or will the contracts of sharekhan be enough. i mean their invoices.

thank you in advance

shifazaid

Dear,

According to me you are doing business of trading and would be taxable under business category....You would be allowed deduction of your expenses from your income...Taxation of options and futures is always business income...

The slabs for the previous year for females are
1 to Rs. 1.8 lac - Nil
1.8 to 2.5 - 10%
2.5 to 3.5 - 20%
above 3.5 is 30%.