A
Anu
- I am a salaried person with CTC-16 LPA
- i am an option buyer and my turnover for 2021-2022 reached 70 lac but i had a gross profit of 40 k only and if i reduce the cost of brokerage , my net profit comes to 8 K .
Now how should i show it in my account . Is audit complaint for me. and if i did audit for this year , will i have to get my account audited every year.
how should i file ITR??
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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.
CA Puja Sharma 13 Jun 2022The 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
CA Puja Sharma 14 Jun 2022The 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.
CA Rahul Dwivedi 16 Jun 2022Dear 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.
H
Harpreet Singh
Can i transfer 20 lakhs from father's acc to sons acc
Yes, you can make the transfer. The transfer of funds will be treated as a gift from father to son. A gift received from relatives is a capital receipt under the Income Tax Act, 1961 and is exempt from tax. It is better to execute a gift deed.
For IT consultancy, you can connect with me at ca. pujasharma@outlook.com
C
Chandra Prakash
Myself and my sibling hold a joint property in Bangalore in our names.
My sibling is currently not in India and may not be in India while selling our joint property hence has made a registered GPA (for sale) appointing me as a lawful attorney.
The GPA allows me to receive my sibling's 50% share of sale proceeds too, in my name.
We both wish to gift the entire sale proceeds immediately to our mother for her expenses.
We have a prospective buyer who be will be taking a home loan from a private housing finance company.
My question is
1) Is is alright to receive the entire sale proceeds in my name including my sibling's 50% share as the GPA allows?
2) What are the tax implications that I will have? Am I allowed to pay the capital gain tax only for my 50% share?
Or should I bear the entire capital gain tax since I may be receiving the entire sale proceeds in my name?
3) Should we both siblings prepare a gift deed before gifting the sale amount to our mother? Or can the gift deed be made after the transferring the money to our mother's name?
1. Yes, you can receive the entire sale proceeds in your bank. Please ensure the POA is registered and complete. The sale deed should have the sign of your brother, and it is advisable also to mention the payment terms, including the bank details n the sale deed, including that all the money is to be transferred to your bank, including the other owner's share.
2. You will only have to pay capital gain on your share or property. Your brother will pay capital gain tax on his share and file ITR in India.
3. Make the gift after the sale transaction is complete and received in your bank account. Also, ensure that the gift deed has your brother's signature, who is one of the parties in the gift deed.
S
Soumya Bansal
Can house wives select new income tax regime for current year and switch back to old income tax regime for next year ?
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.
CA Puja Sharma 11 Jun 2022As 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.
T&C applyK
Kalyan Ghosh
26 AS Site is showing Actual Tax deducted at Source from Employer and BANKER. But ITR Prefilled Page for TDS is showing less by Rs 17200 due to the fact that ITR Prefilled Page has not updated the TDS Deposited in last quarter of FY 2021-22 ie from 1st Jan to 31st March, 2022.How to Edit/Modify the ITR Prefilled Page for TDS
kghosh47@yahoo.com
You can download the offline tax utility of ITR and fill in the correct TDS figure in that return. However, waiting for a few more days is advisable until the ITR online displays the short TDS of Rs 17200, which was deducted in the last quarter.
T&C apply
