A
Adarsh Temker
R
Rahul
Hi,
I ended up doing some intraday trades last year for a very small amount (turnover 15k) and I made a loss overall. What are my options for ITR filing. I would mainly like to avoid doing an audit.
1. File ITR2 and skip declaring this altogether given I don't want to carry forward the loss.
2. File ITR3, declare intraday turnover under presumptive business and pay tax on 6%.
Is any of the above option viable? If not, what's the best thing to do in this case?
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Hello,
Since you don't want tax audit, you can file ITR-3 / ITR-4 (depending upon other incomes) and declare the intraday turnover under Sec. 44AD presumptive taxation scheme considering atleast 6% of the turnover as your income form business.
I hope that this answer satisfies your requirements. For any query, please feel free to contact us at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
Details of your total income earned during the FY 2020-21 is required for precise advice. For more information, you can connect with us at ca.pujasharma@outlook.com
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Rajneesh Kumar Singh
I made loss of Rs 8 lakhs in F&O Trades. I want it Audited.
Hello,
Tax audit would be required in case you want to declare the loss to be set off from other income(other than salary) or carry forward the unadjusted loss to the future years.
For tax audit, you can contact us directly.
I hope that this answer satisfies your requirements. For any query, please feel free to contact us at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
Yes, tax audit will be required in your case. Please connect with us at ca.pujasharma@outlook.com for audit related assignments.
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Shivam Gupta
I have done internship from May 2021 till July 2021. What is my Assessment Year and Financial Year? Do I need to fill ITR now?
If your income is above Rs. 2,50,000/- then you need to file your ITR for FY 2020-21 (i.e. AY 2021-22). For more information, kindly connect with us at +91-9911744028
CA Puja Sharma 24 Dec 2021No your relevant return for reporting the internship income will be FY 2021-22 and AY 2022-23 (April 21 to March 22)
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Nandeesh
Hi I have long term capital losses from last year , around Rs 84,000. And
If I file ITR2 this year without adjusting this 84k, will I be able to adjust same next year or will it get lapsed. ( reg..carry forward upto 8 yeras )
This year I have income only from capital gains of shares and mutual funds, no salary /other income
Total - 217000 which below basic limit 2.5 lakhs
(Long term – Rs 120,000 - Short Term 97, 000 )
Adjusting this year is not beneficial for me as it is less than 2.5 lakhs limit
Thanks in advance
