A
Akshay Shah
I did some intraday equity trading, F&O intraday trading and F&O delivery trading. The intraday turnover is Rs.13860.40 and realised profit is Rs.9101.50. Similarly my combined F&O turnover (scipwise calculation) is Rs. 186143.75 and combined realised profit is -34982.50 (LOSS). Do I have to get tax audit under section 44ab since my profit is less than 6% of the turnover (since it is loss)?
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Mr Akshay, this section of getting your accounts audited has been amended. Refer 44ad(4).
Mow, you would not be required to get your accounts audited even if you show profit less than the limit prescribed under 44ad.
But, do make sure that your calculation of turnover for audit purposes is as per tax laws.
For more consultations mail at vmassociates2017@yahoo.com
C
Clinton Lobo
I've inherited shares and mutual funds which have been purchased many years ago by my father. I wanted to know if the holding period is transferred onto me and if these shares/mutual funds are eligible for XIRR returns when I sell them ? If so what would be the documents/procedure required ?
What is XIRR returns?
For more discussion you can mail me at canamanmaloo@gmail.com
XIRR is the average rate at which any investments have compounded year after year. For more info see : https://freefincal.com/what-is-xirr/
CA Vaibhav Mago 21 Jul 2019Mr Lobo XIRR has nothing to do with income tax purposes.
When you sell the mutual funds, you simply calculate the gains (short term or long term).
Further, holding period of your father would be included while ascertaining the overall holding period.
For more consultations mail at vmassociates2017@yahoo.com
K
Kbothra
I sold shares. my gains are below 1lakh.do i have report in ITR? If yes, is there any provision for in ITR-1 or do i have to fill ITR-2?
Yes you need to report it in ITR and also you'll have to file ITR 2 but now you are not required to give scrip wise details after recent update.
If you need any further information you can mail me at canamanmaloo@gmail.com
Thanks! Does that mean I can just mention the total capital gain figure?can u please mention which row in b(4) do I have to mention
T&C applyS
Sudharshan Venkateshan
I had two Form-16 this year because the company changed its name. I submitted one form 16 which had details about the last 10 months and e-verified it on income tax online. I forgot to add the second form 16. What can I do now?
You don't have to submit form 16, you have to enter the details in ITR 1 form and show your income.
You can now revise your return and solve it.
If you need any assistance feel free to contact me at canamanmaloo@gmail.com
You can file a revised return. Contact us for any assistance.
T&C applyA
Abhay Mulik
I had started one proprietorship company in December 2015. I got it registered and enrolled for service tax number then. I didn't get my company shifted to GST, after GST was launched. I didn't get any business in the name of that company until now. Currently there is a prospective client that is asking for a quote towards services of my company. My query is to whether or whether not to mention 18% GST as a part of that quotation. In case if I get this contract then my monthly billing shall be Rs. 2 lacs less some change. There has been no monetary transactions in my company current account, for last almost four years, except some borrowings taken from friends and relatives to take care of marketing expenses of company.
As per section 22 those who were registered under previous act were required to get registered under GST even if their turnover was below so I guess you need to register under GST.
If you need any assistance feel free to contact me at canamanmaloo@gmail.com
