General Trading Chat
- Thread starter timepass
- Start date
- Tags idle thoughts trading talk only
:lol:
You can get IT Ready Reckoner here. Though it is for AY 2014-15, but it will solve most of your querries. ( Hope so ).
good time to be brokers. My broker friend just told me they are enjoying it. Many people have got into equities now and the discussion is now on how good it is to buy 3-4 Rs stocks and then sell it back at 5 Rs making it 25-30% in 2-3 weeks. And how good his brokers is in finding stocks which gives good returns.
This is a myth. Cash market volumes have not increased in last 10 years. Check the average daily volume in 2007-2008 and check what it is now. Then adjust with time value of money..the details would be clear. Many brokers have shut down / scaled down or diversified into other revenue streams..Like other products, PMS,Real estate broking, AMC etc etc.. and one of the main source of income is the interest income accrued from funding margin positions....
Its sad that even after so many years, we have failed to develop the 'equity culture'....
Its sad that even after so many years, we have failed to develop the 'equity culture'....
1) Why not try zerodha initiative? They had some tie up for this, can use them even if you dont use zerodha
2) If audit is not needed, can file yourself. We have nicer java tool now. This is good read for capital gains / carry forward stuff but you may need to search more.
For business income ( ie trading income ), we have to fill Balance Sheet and Business P&L tabs
Balance Sheet - i only fill "Amount of cash Balance" = balance in Zerodha account on 31 March. Rest keep 0. We only need to fill the no audit case at bottom
P&L - You need to calculate - turnover, gross profits and net profit after taking expense out. So just 4 things for no audit case.
This is lot of work to do first time if we include MF, carry forward etc. But after doing once, it gets easier next time - make notes / screenshots as reference. I first collect all data and put it down in excel and then fill ITR. There is thread in TJ to ask tax questions and few CAs do help ( can also use them as CA instead of zerodha stuff )
2) If audit is not needed, can file yourself. We have nicer java tool now. This is good read for capital gains / carry forward stuff but you may need to search more.
For business income ( ie trading income ), we have to fill Balance Sheet and Business P&L tabs
Balance Sheet - i only fill "Amount of cash Balance" = balance in Zerodha account on 31 March. Rest keep 0. We only need to fill the no audit case at bottom
P&L - You need to calculate - turnover, gross profits and net profit after taking expense out. So just 4 things for no audit case.
This is lot of work to do first time if we include MF, carry forward etc. But after doing once, it gets easier next time - make notes / screenshots as reference. I first collect all data and put it down in excel and then fill ITR. There is thread in TJ to ask tax questions and few CAs do help ( can also use them as CA instead of zerodha stuff )
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