It is considered as Income from other sources and will be taxed @30% plus cess.

Yes anyone can play online games. But will be liable to tax@30% plus cess. The income will be taxable under the head of other sources.

First clear return for which year you are talking about. You cannot file return for F. Y 2020-21 now.Moreover No audit is applicable in this case and ITR 4 was required to be filed. Moreover in case of options , sale proceeds is not calculated as turnover in options in fact your profit or loss will be totalled for calculating turnover.

The audit is not compulsory if the turnover does not exceed Rs. 1 crore during an FY. Are you asking it for FY 2021-22? Because you have mentioned FY 2020-21 in your query. There is different criteria for calculating turnover in case of F & O transactions.
For assistance in IT filing, you can connect with us at ca.pujasharma@outlook.com

I am concerned about the year that ended on march 2022 . I had taken the turnover that is shown in p/l statement shared by my broker

The audit is not applicable if your turnover does not exceed Rs. 1 crore during the FY 2021-22. I will advise you to take the help of professionals for filing your IT return to save from future notices.

Dear Anu,
Certain thing needs to be clarified :-
1) Is this your 1st Year of F&O trading
2) If not, then how you disclosed F&O in Previous Year. If in PY you opted for presumptive texation then CY either you have to go for presumptive taxation, else audit is mandatory.
3) Method of calculating turnover in case of F&O is tricky, however you may get the T/o report from your broker.
4) Premia facia audit is not mandatory in you case, assuming PY you not opted presumptive taxation.

For further consultation & Discussion you can reach us on ca.rahuldwivedi@gmail.com or 9004485377.

yes please contact deepikajagan01@gmail.com for proffessional services

Only salaried taxpayers can switch to any regime every year. Non salaried person if switch back to old regime can never adopt new regime.

As mentioned above, the concerned person is a housewife. While filing the Income Tax Return, they are expected to show self-employed income under the head business or profession. A non-salaried employee cannot change the option to choose a regime every year, If a person opts for the new regime and wants to switch to the old regime. They cannot switch to the new regime again in future.

Income from transfer of Crypto currency are now taxable @30%.

A 30% flat tax rate will apply to crypto gains per the present government rules. For more information, you can connect with us at ca.pujasharma@outlook.com

The time limit to process ITRs by the Income tax department is within one year from the end of the financial year in which ITR was filed.

Sec 54 applies on sale of residential property and 54F applies on sale of any assets other than residential property

Dear Sir,
You should rectify the return as both section deals with different type of property.

Capital Gain on sale of vacant allotted by housing society is it treated as Residential property or other than Residential property please clarify

When you transfer your EPF funds from one Employer to another and your Total employment is 5 years or more then no TDS will be deducted. Hence your total employment will be considered from E1i.e more than 5 years.For any other clarification pls reply

Allowances are taxable. Hence Military service pay is also taxable

Thank you so much

Yes, it is taxable.

GST is not leviable on such kind of payments i.e fines