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Syed Faraz Moin
I have a query, I am working for MNC in Bangalore. Along with that I also work as a freelancer for a US based company where I earn in dollar ( Less than 25k Rupees). Since the joh is part time and income is not fixed, do I need to pay taxes in India for my foreign income? Does this foreign income affect my current tax slab?
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Yes, you have to pay taxes on all your income earned during the period. For any assistance in ITR filing, you can connect with us at ca.pujasharma@outlook.com
CA Ganesh Kakani 31 Dec 2021Please contact caganeshkakani@gmail.com +91-9420683637
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Gaurav
I left my job 2 years back to pursue my Masters study, during my job I used to submit Income Tax return, now these days I am getting notifications(SMS) from IT department to submit Income tax return, is it necessary to file ITR even though I am not earning
No, as an individual IT return fling is not mandatory if your total income earned during the FY2020-21 is upto Rs. 2,50,000
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Adarsh Temker
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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?
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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