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R
Rahul Kumar
In Fy 20-21 I have gain profit 3.60 Lakh from Share trading and delivery turnover was 8.0 crore and intraday turnover was 2 crore so total turnover was 10 crore ..my CA told me that we can show this as investment in capital gain tax and no need of any tax audit in my case but one of my friend told me that audit is mandatory in my case because turnover is more than 2 crore so kindly suggest what to do in my case ...
Hello,
As per the details provided, tax audit in your case would be mandatory. You must go for tax audit and declare the delivery trading under non speculative business and intraday trading as speculative business under the head business/profession. Further, you can claim several eligible expenses such as trading expenses, demat charges, SEBI Fees, transaction charges, STT, IGST, depreciation on laptop/desktop, internet charges, etc.
I hope that this answer satisfies your requirements. For any query or if you want to know our charges for tax audit in your case or documents required for the same, please feel free to contact us at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
In my opinion, you should disclose your delivery profit under the head Capital Gain and Intraday day trading under the head Business. No need for audit.
For more details call me on 9929511888
V
Vijaya Ramakrishna
I am getting 15000 salary per month by the source of daily wages and agriculture. should i submit income tax returns. because for getting government benefits they are asking that i am not paying income tax. how do i get this. please clarify
As your income is less than taxable limit so you are not required by law to file income tax return. However voluntary you can file ITR.
For further assistance you can reach us at ca.rahuldwivedi@gmail.com or 9004485377
Since your gross income does not exceed Rupees 2.5Lacs you need not compulsorily file income tax returns.
CA Hunny Badlani 6 Sep 2021Hello,
Since your gross total income is below Rs. 2.5 Lakhs basic exemption limit, you are not required to file your ITR compulsorily, however you can file ITR voluntarily if you need to submit it anywhere.
I hope that this answer satisfies your requirements. For any query, feel free to write to me at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
D
Darshak Dharod
Respected Sir/Madam, I have query regarding HRA component under tax. I am paying rent of 12000 per month to my landlord and this amount is more than 1 lakh per year due to which I have to provide PAN no. of my landlord while claiming HRA under tax. My concern is My landlord do not file ITR, So will it cause any problem to me ? Note : I am paying rent in cash as my landlord want rent in cash and I do get rent receipt for same from my landlord.
Awaiting for your response, Thanks in advance.
Dear Darshak, it's none of your business to check the ITR filing status of landlord. Your Duty is to provide the PAN of Landlord that you are doing . It will not cause any problem to you.
For Further Assistance you can reach me at ca.rahuldwivedi@gmail.com or 9004485377
Hello,
No it won't cause any problem to you. You can declare the HRA exemption.
I hope that this answer satisfies your requirements. For any query, feel free to write to me at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
No issues if landlord does not file its ITR.
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Thanga
I was doing small business through online. I supply goods locally and to interstate wise. My turnover will be about 10 lacs per annum. Do I need to register for GST. Is it compulsory?!
Hello,
Yes, a person making interstate supplies of goods is compulsorily required to get himself registered under GST.
I hope that this answer satisfies your requirements. For any query, feel free to write to me at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
In case of Inter State Supply GST Registration is compulsory, irrespective of turnover.
For further assistance you can reach us at ca.rahuldwivedi@gmail.com or 9004485377
Yes you will require GST Registration for doing business.
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Manik
Hi! I've not posted my IT since more than 5 years now since my income was mostly from interests in FD's which was much below 1.5 lakhs/year. Last financial year however I did some F&O trading with no profits but as I understand F&O is considered as business, I would like to file IT return. Question: Do I need to file the IT return for all the past years or should I only post the return for last Financial year?
Hello,
You would be required to file return for last F.Y. i.e. 2020-21 only.
Regarding F&O trading, you can declare loss under the business head and set off from your other source income.
I hope that this answer satisfies your requirements. For any query, feel free to write to me at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
In any case you needs to file ITR for previous financial year i.e. FY 2020-21.
As regarding F&O , it is considered as business income & needs to file ITR. You can also refer my published article in Tax Guru "F&O Turnover, Taxation, Audit & More"
For any assistance or consultation you can reach me at ca.rahuldwivedi@gmail.com or 9004485377
S
Sha
Hi,
I am a Tarot Card reader, astrologer
I want to file an income tax return....I am not sure under which tab I need to file it as I don't have any balance sheet or any documents because I haven't registered it.
Please advise if I should file it under Business section or Professions section in ITR 4
Thank You
File ITR declaring income under the head Business & profession
CA Rohit Jain 1 Sep 2021for more details contact 9929511888
Hello,
You can declare this income under the head business head using Sec. 44AD.
Your profession is not in the list of professionals eligible for Sec. 44ADA Professional Presumptive Taxation.
I hope that this answer satisfies your requirements. For any query, feel free to write to me at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
Astrologer can file ITR-3 or declare income U/s 44AD at & file ITR-4. However please note Astrologer can't opt 44ADA as not covered under specified profession U/s 44ADA.
For further assistance you can reach me at ca.rahuldwivedi@gmail.com or 9004485377
R
Rakesh
I am trading in stock market (Futures and options) (this is considered business income). My Turnover is less than 2 Cr. My Net profit is more than 12% of my turnover. Can I opt for Presumptive taxation under section 44AD and pay tax for only 6% of my turnover. I would reduce the tax I need to pay, no need to do auditing, no need to keep book of accounts and tax only needs to be paid at end of year instead of end of each quarter. Is this possible ?
I went through the section 44AD on income tax website and I didn't find any specific reason. Can any CA clarify is this valid and legal.
Hello,
Yes, you can opt for Sec. 44AD presumptive taxation scheme for your F&O trading business income.
For further assistance, ou can contact us directly at badlaniassociates at Gmail or take a phone consultation.
Regards,
CA Hunny Badlani
Badlani & Associates
In my opinion, you can opt for presumptive taxation. For more detailed consultation, please connect with me at ca.pujasharma@outlook.com
T&C applyB
Biswajit Senapati
Which ITR form should i choose. I have salaried income as well as part time online business income where TDS is deducted.I also have Form 16 from both.
Hello,
Depending upon the section under which TDS has been deducted on the online business income, ITR-4 can be filed.
It would be advisable to hire a practicing CA for proper preparation and filing of your income tax return.
I hope that this answer satisfies your requirements. For any query, feel free to write to me at badlaniassociates at Gmail.
ITR 4 can be chosen.
If you need any assistance in filing ITR click here: https://www.taxontips.com/income-tax-return/
H
Harshal Mohan Pawar
My Turnover is less than 20 Lacs and I have GST number. Am I supposed to pay GST? What facilities/exemption will I may get in this case?
Yes, since you are registered under GST, you would be liable to charge GST from your customers and remit the GST payable to the Government. Return filing compliances would also be required.
I hope that this answer satisfies your requirements. For any query, feel free to write to me at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Yes after registration, you are supposed to charge GST from your customer and deposit the same with Govt. For GST compliance and more info can contact us at ca.roomi12@gmail.com or 9216216819
CA Rahul Dwivedi 29 Jun 2021As you are registered under GST you have to charge GST on your invoices, collect it and deposit it to the government A/c. You should file necessary GST return. As you are not statutorily required GST registration, it is better to surrender the same otherwise have to comply with the GST rules. For further quesry you can reach me on ca.rahuldwivedi@gmail.com or 9004485377
CA Naman Maloo 4 Jul 2021Once you have GST registration you need to pay GST and file GST return as well whether or not the turnover is below turnover limit.
CA Aditya Dhanuka 7 Jul 2021Dear Sir,
Since you have opted for registering under GST, you are now bound to comply with all the provisions, and if you have any supply which is taxable under GST, then you are law bound to pay taxes on the same, irrespective of the fact that your turnover is less than 20 Lakhs.
There are no specific facilities/ exemptions to persons voluntarily registered under GST.
Should you need any specific advise, please raise a new question.
Please advise in case of any other clarification.
Thanks & Regards,
CA Aditya Dhanuka.
D
Deepak
My annual income is 10 lakhs. I am saving 1.5 lakhs in 80C, 50k in NPS and around 22000 in medical insurance. What else can I do to save tax. I already have a house and i am salaried person.
Hi, for proper tax planning, a competent professional will need more information from you about your current financial position and goals. For a detailed discussion, you may get in touch with us at 9811 896 771
CA Rahul Dwivedi 28 Jun 2021For salaried person there are not much scope available under the Act. However we can plan the same within the limitation of the Act and save Tax. For Detailed discussion you can reach us on ca.rahuldwivedi@gmail.com or 9004485377
CA Hunny Badlani 28 Jun 2021For any query, feel free to write to me at badlaniassociates at Gmail.
CA Roomi Gupta 28 Jun 2021To purchase or construct the house if you have taken any Housing Loan, deduction for Intt on Loan can be claimed . For more info contact at ca.roomi12@gmail.com or 9216216819
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