General Trading Chat

[TradeJoker]

no trader here files income tax returns containing trading information, audit or anything at all?? :lol:

strange

Bro, why shud disturb IT Dept. They have already too many cases pending, The fact is many of these IT guys aren't heard of FnO , nowadays they are only picking random names,

 

[lemondew]

Thanks you sir for sharing this insightful info.

Bro, why shud disturb IT Dept. They have already too many cases pending, The fact is many of these IT guys aren't heard of FnO , nowadays they are only picking random names,

 

[Smart_trade]

no trader here files income tax returns containing trading information, audit or anything at all?? :lol:

strange

The profit/ loss from derivatives is considered as business income and loss is definitely carried forward for period of 7 years ( not sure if it is 7 or 5 years) .I have carried forward such loss in few accounts in the family in past in their IT returns and adjusted against profits of next year.My CA has no issues in this carry forward.

The above post will show that there are traders who make profits and losses and file their IT returns regularly.

Smart_trade

 

[TradeJoker]

Thanks you sir for sharing this insightful info.

Bro, it's my case only, not recommended to anyone, I'm longer a FnO trader, FnO should be avoided from tax audit, because it's a high risk speculation,and we know there's no logic options taxation rules,

 

[XRAY27]

no trader here files income tax returns containing trading information, audit or anything at all?? :lol:

strange

If your basic income exceeds 2.5 Lakh salary or interest income even though your turnover is less then 1 CR you are required to get audited under (U/S 44AB read along with section 44AD..)

i'm in 44AB from 2013 onwards ...just you have to find out a CA in delhi or visit our institute, ICAI Bhawan, Indraprashta Marg, New Delhi, Delhi 110002

 

[Smart_trade]

Bro, it's my case only, not recommended to anyone, I'm longer a FnO trader, FnO should be avoided from tax audit, because it's a high risk speculation,and we know there's no logic options taxation rules,

Why fear tax audit ? It just costs Rs 5000 more in auditors fees.The tax audit gives you time to file return till Sept end.Same CA does that audit and no extra info is required. CA fills some forms and that is about all.

I have been getting tax audit done for many year because the calculation of turnover had some ambiguity but now it's definition is clear as per ICAI norms.

Smart_ trade

 

[marimuthu13]

Bro, it's my case only, not recommended to anyone, I'm longer a FnO trader, FnO should be avoided from tax audit, because it's a high risk speculation,and we know there's no logic options taxation rules,

very shocking open statement..

trading in FNO treated as business ( no speculation), you MUST file tax return for this...no escape plz...

you will be caught one day or another..

 

[Smart_trade]

Filing a IT return is absolutely must for we stock market professionals.File ,pay tax and walk with your head high .Dont give a handle to IT department to screw us.

If you file and pay tax correctly,there is nothing to fear even if you get scrutiny notice.

ST

 

[vikas2131]

very shocking open statement..

trading in FNO treated as business ( no speculation), you MUST file tax return for this...no escape plz...

you will be caught one day or another..

Really i thought if ya dnt make more than 2.5 lakhs..u dnt need to.... ya phir raato rat yea rule bhi change ho gya...

 

[Smart_trade]

Really i thought if ya dnt make more than 2.5 lakhs..u dnt need to.... ya phir raato rat yea rule bhi change ho gya...

You may not be required to file a return but you will have to maintain books of accounts.But file returns even if there is no tax payable.

ST