Can i file ITR 3 without CA Audit in which i want to show my salary 326000, STCG turnover 480000 at profit of 2800, intraday & fno turnover 114000 at 8% profit ? and what are tax rate at STCG and fno ?
Suggest you to go through
Tax rate for STCG is 15%, but since your overall tax slab is in 5%, you pay 5%. F&O tax rate is as per your IT slab, so that also at 5%.
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Sir, my doubts are not cleared yet, as you say stcg rate is 15 % but it applicable on my profit (not on turnover) which is very less 2800 rs.
If I show stcg as business income then I have to show 8 % profit of turnover (488000) is 39040 then I have to pay 5% tax on 39040, which is higher then 15% stcg rate.
One another issue is that if i can show such higher turnover then can’t get 2500 tax relief u/s 87 (u/s 87 who have total income is less then 5 lakh get tax benefit of 5 % of 50000 b/w 250000-300000). Please suggest what to do in such condition.
???
short term capital gain(STT paid) is charged to tax at 15% (plus surcharge and cess as
applicable) irrespective of your tax slab.
Can you go through the module link I have shared. Taxes are always paid on profits and not turnover. So yes you have to pay on your Rs 2800 of profit.
No concept of turnover when showing capital gains. That 6% route (8% earlier) is for businesses to avoid an audit.
You have to use ITR2, show this Rs 2800 as capital gain. That’s it. Go through the module link I have shared.
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No, you get the benefit of lower tax slab if your total income is less than 5lks.
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Thank you, Sir your suggestions are always very helpful specially for beginners like me.
Thank you.
Sec 111A is taxation section for STCG. If your total income is less than taxable limit then there won’t any tax and above taxable limit it will be straight 15%.
What is nature of business for f&o traders in ITR-3 for AY 2018-19. earlier it was trading-others(0204) ?? @nithin
For FY 2017/18, Code: 13010 – Financial intermediation/Investment activities. This seems be the closest category to investment/trading related activity.
hi nithin,
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firstly when I got myself my PAN card I had mentioned “No Income”, I did Intraday trading in my spare time, I don’t get what “trading as a business” means… so even if I did not earn any profit from this year will it still have to filed under ITR-3 or ITR-4?
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In F.Y. 2017-2018 my intraday equity turnover has been Rs.40000 and F&O turnover has been Rs.21000 and I have suffered only losses for both, amounting to Rs.17000, apart from these I receive interests from banks and i don’t earn any salary, so i almost don’t earn any income at all, with turnover less than 2 crore and income on turnover less than 6% and also total income less than Rs.250000, I have want to know if i file ITR-3 will it have to be audited?
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And if I file ITR-4 as as I can’t afford to pay the CA for audit , do I add both intraday equity and F&O turnover and write it in gross receipts/turnover box?
When you apply PAN Card, you need to mention income as the Jurisdiction are based on Income type and pin code. After that if you start earning , there can be change in Jurisdiction. You needn’t worry on this.
As your Income is less than 2.5 Lac , you can file ITR 3 without Audit as well and can carry forward your losses.
File ITR 3 to carry over rather declaring income where its not earned.
thank you for your help,
so audit is only required if total turnover is more than 1 crore but income on turnover is less than 8% of turnover and total income is more than minimum exempted income? so in my case audit isn’t required, right?
I have not maintained any book of accounts will that be a problem?
Audit is required if turnover is more than 1 crore or less than one crore where profit is less than 6% of profit in case turnover other than cash and 8% of cash turnover AND income is above 2.5 Lacs.
In your case as the Income other than the loss claim is less than that , so its not required.
Books of accounts for trading purpose are mostly provided by the Broker , you need to compile the same with your Bank transactions.
thank you very much
profit is less than 6% of profit in case turnover other than cash and 8% of cash turnover AND income is above 2.5 Lacs.
Ok I deleted my question
I think I read “AND” as “OR” in your statement. Thanks
in case person has loss in F&O,income below 2.5lac, but doesnt want to carry forward loss, can he not file itr?
IT filing is compulsory for individuals if their income is above taxable limits. If you have losses and no other income then It’s you can file voluntary.