Ask me about all your TAX related queries

feel free to get all possible solutions/ way to fix your tax related doubts…

Is there a step by step sample guide to file ITR-3 ?

thanks for AMA. can you please help me with Do I need CA help for filing tax if I dont sell any share in current financial year? question ?

you may logon to incometaxefiling website and can download excel template for ITR and then start filling it…there are many sections/ rules underlying with each concepts , hence it is not specifically available…

can u give an example how to calculate speculation gain (aka intraday nse cash) and what itr i choose like I have to count every contract note or i can show round off figure of my profit or loss including all brokerage and taxes

Great. Thanks. Is there any online firm that understands trading and can help in filing?

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How do go about this…
I had bought some shares exactly a year ago…
So now they qualify for LTCG if I sell them now…of book profits.
But the value of the stock went down about a month ago to the price at which I bought.
So I decide to add more quantity.
Now the doubt I have is what will be initial date or day so that I qualify for LTCG…if I am To book profits…

What if I trade with my full capital of 50 lakhs frequently.
If the turnover becomes say 10 crores and profit say 10 lakhs.
What is the tax perspective I need to be aware of.

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Thanks for this initiation.
For say I had profit of 10 Lac and loss of 5 Lac in this FY. Net profit is 5 Lac. So I need to file Income tax of 10 Lac or 5 Lac?

For 2017-2018 I have the following:

Salary: 0
Short Term Capital Gain (Stocks): 9000
Short Term Capital Gain (Mutual Funds Equity): 7000
Long Term Capital Loss: 1400
Mutual Funds Dividend: 2500
Monthly Income Scheme Mutual Fund: 36000 (Full Year)

My questions:

Can I show STCG for stocks and mutual funds as business income? The purpose of buying them were to sell as soon as profit was made.

If not then I have to fill ITR-2 and pay capital gains tax, correct?

Also, the monthly income scheme MF sells 3k worth units in the MF every month. It’s now more than 1 year old, so should I report this as LTCG?

I am NRI based in UAE. I hold resident trading a/c attached to resident savings Bank a/c. i do not have any income in India. will there be any issue while filing TAX, because i am not using NRI trading account and bank A/c.

Hi @anuj , r u still active in this board, I need few information

since you are NRI, there has to be nri trading account and you must hold either NRO or NRE acnt…all your income from trading will attract TDS which is to be deducted by your trading accnt provider…

yes i am…

Thank u Anuj. Then i need not file tax returns if Trading a/c provider deducts TDS.

Then @anuj may I get your guidance plz.

I have two savings bank account and two brokerage account Zerodha and IIFL and consequently have two demat account. I do short term EQ trading, intraday, may be few holding long term and actively in future and options trading. So I am in a business, right?

I have borrowed money from my spouse and have paid some interest on it. Interest is very small as a token money but ofcourse interest rate can be calculated on that. I have no other professional or business income.

As per my understanding I need to file ITR 3 and also need consideration to pay advance tax because throughout the year, the business have been profitable, how much is questionable. My business has turnover above Rs one crore. So I need auditing also.

Now considering the above details, what are the books should I maintain so that year end pnl sheet and balance sheet can be prepared easily and without ambiguities. I am thinking in terms of business having a consolidated ledger, other accounts like income and liability and maintenance charges account. I know this can be done by tally but I don’t know that and I want to maintain data by excel. It can be tedious but I can do that till I learn tally.

So basically I need an Excel template which every concerned entry hyperlinked or the methodology explained in a PDF file. I need one year accounting study compressed in an Excel and PDF file.

I have searched net a thousand times but information available are in bits and pieces. Even zerodha varasity, although my present understanding is attributed to them only, doesn’t go beyond turnover and taxation philosophy.

I m very eager to hear you.

my father hold around 95-100 companies junk shares in physical almost all from ipo’s in 1980-1990 which can not be demated or has value less than cost of demating hence kept question is that CAN he show these shares as sold to another person say @ 1 rs or 0.50 paise per share per share and take suitable cheque from him ?since the acquisition cost of these shares is minimum rs 10 per share (in some cases it is even 40-60-100 per share ) and sold @ 1 per share ,CAN THIS LOSS BE CHARGED TO LONG TERM PROFIT IN THE YEAR ?

Hi @anuj , waiting for your help please.