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Gopalkrishna Bhat
I had filed ITR 2 for previous year (AY 2018 19) because I had capital losses to report. For current year, (AY 2019 20), I do not have any capital gains/losses and
hence thinking of submitting ITR 1.
Queries:
1. If I submit I TR 1 this year, will the capital losses that I had shown last year elapse or get carry forwarded. Can you
please confirm .
2. Assuming that I get some capital gains next year (AY 2020 21), will I be able to offset the capital gains with capital losses from AY 2018 19.
For this to happen, do I have to submit ITR 2 only for current year (AY 2019 20), or submitting ITR 1 is enough? Please help.
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You can file ITR 1this year and when you will get any capital gain, your loss of last year can be offset in 5 consecutive years
CA Roomi Gupta 30 Jul 2019In my view ITR 2 is to filed for carry forward of capital loss in future
CA Naman Maloo 30 Jul 2019You dont need to file ITR 2 just to carry forward losses.
You can set off such losses next year.
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Mukesh Saxena
I want to start proprietorship firm, kindly suggest me what is the process and documents required for proprietorship firm.
It depends on the type of your business normally you can start it with just your PAN card and current account but in some cases you might also require GST registration, shop act registration etc.
If you need any professional assistance feel free to contact me at canamanmaloo@gmail.com
You need to take Firm name and bank account number, trade license, PAN of proprietor, I'd and address proof of proprietor, rent agreement of firm address....if owned electricity bill in proprietor name, GST registration.
CA Roomi Gupta 30 Jul 2019You can start your business with your personal PAN & saving bank account but it will be good to open current account. To open current account you required registration under any act. For any kind of professional assistance can contact at our website : www.tarunguptaca.com
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Arjun Aloshious
What is the exact percentage or amount i have to pay for importing one Blu-ray Steelbook from the UK or the US that costs around 30 USD or more? Also, I am asked to pay this customs duty only for some of these orders, not all. Why?
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Ariharasudhan Ramachandran
I got investment profit from an us trading company and it amounts to nearly 15 lakhs in my savings bank account. I have already paid the taxes in USA. considering the fact of DTAA, whether i have to pay taxes in india and should i report to IT? Please guide. I am not an NRI.
As per DTAA it says each contracting state can tax the capital gain earned by assessee and therefore you need to also pay tax on same in India and claim credit of tax paid in USA.
If you need further assistance feel free to contact me at canamanmaloo@gmail.com
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Amit Singh
If I make INR 50 Lakhs by investing in an Auto trading company this year, Under what should I file my Income tax returns (The company also auto trades on cryptocur*encies on my behalf) ?
What is my rate of tax (%) ?
You are basically investing in an asset management company so you need to fill details of any sale as sale of investment and show capital gain on same.
CA Jaya Agarwal 30 Jul 2019ITR 2
CA Jaya Agarwal 8 Sep 2020If you are doing this on regular basis, it means if it is your profession, then income will count under head " business & profession" otherwise it will be a " capital gain" on investment.
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