CA Vaibhav Mago  

CA in Practice
5Year  1Month  experience


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2382, Sector 22
Pin code - 160022



9:00 am - 7:00 pm


✔ Business Incorporation✔ Accounting / Book keeping
✔ Company Auditing✔ Compliances
✔ Direct Taxation✔ Indirect Taxation
✔ Personal Wealth Planning✔ Corporate Legal Consulting
✔ Business Tax Planning and Management✔ GST

Industry Experience
✔ Banking✔ Financial Services
✔ Services✔ Tourism and Hospitality
Associated with (Firm / Company Name)
Awards and Recognitions


Tapati Karkar

4 a year ago

As per my earlier question I want to know do I need to do a audit because as per my broker statement option buy turnover is 35 lacs and option sell turnover is 37 lacs my profit is 57843 and the ca showed 9 lacs turnover and he showed a profit of 57843 and my bank interest is 14000 and equity short term loss is 1670 .so I want to know if I file as per general accounting standard so do i need to audit because I have to file a revise itr return

CA Naman Maloo     4 Dec 2019

In your earlier query you profit was different.
Audit would depend on what's your turnover as per income tax laws.
You can check you email for further assistance

CA Vaibhav Mago     6 Dec 2019

Well, Tapati as per the facts told by you, there is no need of doing audit as turnover doesn't not exceed 1 cr and ITR 3 form would be used.
For further clarity, mail me at

T&C apply


Naveen Bohra

4 a year ago

Hi Team,

I have a query while filing ITR2 for AY 2019-20.

I was NRI for FY2018-2019 (as I was outside India for more than 182 days) and was getting salary in foreign country.

I know I need not pay tax on my foreign income as I was NRI. But I wanted to check if this foreign salary income needs to be declared in the Schedule EI (Exempt Income), Section 5 "Income not chargeable to tax as per DTAA"?

Is foreign salary income for NRI not taxable due to DTAA or any other reason?

Thanks and Regards,
Naveen Bohra

CA Vaibhav Mago     20 Aug 2019

Naveen, there is no need to show this income in your ITR 2.

T&C apply



4 a year ago

I want to trade in futures and currencies but have no proof of income, which is necessary for futures and currencies. I also don't have any of the other proofs of income suggested by my broker.

Can I start my sole proprietorship (or is there any better type of ownership for this purpose?) and pay myself a salary of 10,000 or above? And claim this as proof of income?

CA Vaibhav Mago     16 Aug 2019

Mr Jay, as far as I know the broker would also accept 6 months bank statement.
Ask them.
For consultation mail me at

T&C apply


James Bond

4 a year ago

Mera pehla sawal agar hum bina company khole business kare to tax rates Kya hote hai? Aur company kholke business kare to tax rates Kya hote hai?? Dusra sawal ye ki bina company khole aap apne business ke name rakh ke pure India me use kar sakte hai??

CA Vaibhav Mago     1 Aug 2019

Mr Bond, bina company khole tax rate depend krega is baat par ki aap individual kaam rhe hai ya partnership mein kr rhe hai.
Agar company form mein kaam kroge toh 25%rate lgega.
Further, as far as your second question is concerned, aap bina company khole bhi pure India mein business kr skte ho.
For more information, mail me at

T&C apply


Bhargav Nayak

4 a year ago

Hello sir, my name is bhargav nayak from gujarat. sir i applied for two pan card for starting my company on partnership deed, but unfortunately i am not open bank account on that pan card, and work with different company which own by me, now i have two pan card which is not operated by me as well as anyone else, now my question is am i still have to file ITR on that pan card, if yes than how because i have not bank account on that pan card, or any financial transaction on that pan card.

CA Vaibhav Mago     31 Jul 2019

Mr Bhargav your query is not clear as to whether you have two PAN cards for your firm?
Better would be to consult me at mail

CA Naman Maloo     31 Jul 2019

Sir if you are not doing any business on such PAN its better to surrender that PAN but if you are going to hold that PAN then as per income tax act you have to compulsorily file return even if its NIL return.
If you need any further assistance feel free to contact me at

T&C apply


Clinton Lobo

4 a year ago

I've inherited shares and mutual funds which have been purchased many years ago by my father. I wanted to know if the holding period is transferred onto me and if these shares/mutual funds are eligible for XIRR returns when I sell them ? If so what would be the documents/procedure required ?

CA Naman Maloo     21 Jul 2019

What is XIRR returns?
For more discussion you can mail me at

Clinton Lobo    21 Jul 2019

XIRR is the average rate at which any investments have compounded year after year. For more info see :

CA Vaibhav Mago     21 Jul 2019

Mr Lobo XIRR has nothing to do with income tax purposes.
When you sell the mutual funds, you simply calculate the gains (short term or long term).
Further, holding period of your father would be included while ascertaining the overall holding period.
For more consultations mail at

T&C apply


Akshay Shah

4 a year ago

I did some intraday equity trading, F&O intraday trading and F&O delivery trading. The intraday turnover is Rs.13860.40 and realised profit is Rs.9101.50. Similarly my combined F&O turnover (scipwise calculation) is Rs. 186143.75 and combined realised profit is -34982.50 (LOSS). Do I have to get tax audit under section 44ab since my profit is less than 6% of the turnover (since it is loss)?

CA Vaibhav Mago     21 Jul 2019

Mr Akshay, this section of getting your accounts audited has been amended. Refer 44ad(4).
Mow, you would not be required to get your accounts audited even if you show profit less than the limit prescribed under 44ad.
But, do make sure that your calculation of turnover for audit purposes is as per tax laws.
For more consultations mail at

T&C apply


Amit Bhupal

4 a year ago

Sir, I have salary income on which TDS has been deducted by company.

Apart from salary income I have also given part time teaching services in one educational trust where I have received some income after deduction of TDS @ 10%. I have in 20% tax bracket. Now I have to pay additional 10% tax. can i claim any expenses under section 57(iii) against this income for avoiding tax.

I can show deduction like 80C in my ITR which is not shown in my Form No 16

CA Vaibhav Mago     15 Jul 2019

Yes, Mr Amit, you can claim expenses from your teaching income such as printing expenses, stationary expenses, education material expenses etc.
Main purpose of telling you these expenses is that you cannot claim any capital expenditure from your this teaching income if shown as income from other sources.
For more clarification mail me at

T&C apply



4 a year ago

Hi , Im Tirath Singh, i had sell my property at Rs 27.5 lakhs 2 months before. My question is do i need to pay any income tax on that ? and if then how much % ? and if i use this money to purchase another property will i be charged any income tax?

CA Vaibhav Mago     11 Jul 2019

Mr Tirath, you would be required to first ascertain whether you have made any gains on Sale of your property.
If yes, whether they are long term or short term.
Depending on that your tax liability would be ascertained.
If it is long term, then you can claim exemption of long term capital gains by investing in another residential property.
For clarification, mail at

CA Naman Maloo     11 Jul 2019

You need to tell the type of property, when it was purchased, what type of new property will you purchase and then I can guide for personal consultation you can mail me at

T&C apply
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