You are confusing a proper registered business with the ITR-3 thing.
There is no need to register anything. You can report it in your PAN and ITR only as business income.
An individual can also have a buisness. No need to do any registration or separate Kite account, etc like you have mentioned.
Now you have a kite account right. If you make F&O profits, it’s taxed as business income under your PAN only. No need for any registration.
After a while, there comes a requirement for Audit, etc. I am not well educated on those. But yeah it is definitely a headache. No point making it your secondary job. Has to be primary due to time required.
It is basically like a consultation or freelancing business logic. You make money for the “business” but there is no separate registered entity for most consultants or freelancers.
You can claim expenses and depreciation on assets used by the business. Laptops etc. That’s a big advantage
These charges are allowed as an expense in your business income. Hence, the charges paid in proportion to your intraday trading can be claimed as an expense when you file ITR-3.
@tallerballer@Quicko Thank you very much for clarifying that. It’s confusing enough as a new trader without introducing several layers of additional complexity.
I think for now I will stick to running the popular wheel strategy in F&O stocks, receiving and delivering shares in the process, and avoid this business hassle.
If I generate sufficiently high income and have the time to make this into a full time gig, I can then do cash settled transactions in F&O along with the whole business thing.
Hi I gifted share to my father worth 20 Lakh and sold this year only due to rise in stock price , I have gift deed my question is
1.do i need to declare the gifted shares under schedule EI?
2)If yes , do i need to declare at FMV or cost basis (my purchase price) , If FMV then why at FMV why not at cost basis ?
Quick question if son gifted share to father worth Rs 10 lakh and later father sold in the same year and now father paid income tax on cost basis
My question is there any need to declare the gifted share under schedule EI in my father’s return ?
If yes , do i need to show FMV in schedule EI or cost basis price and if FMV , Why FMV why not cost basis
I have a duplicate mutual fund investment reported in my AIS.
Quant mutual fund which has taken over escorts mutual fund has reported my holdings along with KFin Technologies leading to a duplicate and an inflated total portfolio amount. One with code SFT 010 and another with code SFT 018.
Please let me know what to do and if someone else was in a similar situation how you resolved it.
I am earning around 5 lakh per year as LTCG/STCG from stock market. don’t have any other income. I do invest 1.5 Lac in PPF. Do i need to pay tax on it? Which tax regime would be beneficial old or new?
Also what if I have LTCG/STCG 6.99 Lac (No any other additional income)
Hi quicko. I had a few intraday trades last FY. Some were in profit, some in loss. Net is in loss.
Do I have to file ITR-3? It is a headache, balance sheet etc. My net intraday is loss, so I want to ignore and do not intend on carrying my losses into next year to claim them against potential profits.
Also, how do I report exempt gift income from family? I am adding it on your portal but it is adding it to total income.
The receiver of the shares needs to report in the ITR, and hence, your father has to mention the income in schedule EI. The FMV of shares as on the date when the shares were gifted needs to be added.
You, as the sender of gift need not report it in the ITR.
The PPF investment is allowed as a deduction under the section 80C. However, this deduction cannot be claimed against capital gains.
Your STCG will be taxed at a flat rate of 15% and LTCG at 10%. You do get a ₹1L exemption on LTCG. The rates will not differ for old and new regimes. The only difference will be that under the old regime basic exemption is ₹2.5 lakh and under the new one its ₹3L.
You can use this calculator to determine the exact tax liability.
You should report the losses. If you do not have many details to enter in the balance sheet, you can just enter the closing bank balance under assets and proceed.
For adding exempt gift income, kindly navigate to incomes > other incomes > any other > exempt income.
Last year I had filed ITR -3 for the following incomes
Salary 20L
STCG Loss of 360,000
LTCG Gain of 350,000
FnO profit of 170,000
Intraday Loss of 300,000
While I was allowed the loss of STCG of 10,000 to be carried forward in the current year, intraday loss of 300,000 was not allowed.
143(1) intimation disallowed it last year, and I missed checking it when it was issued?
Query:
1.Even though tax audit is not mandatory to file intraday losses, why is it getting disallowed for carry forward in 143(1)
2. I have intraday loss in current year as well. Would it be disallowed again?
What are the values I am supposed to fill in? Atleast provide a simple table that shows exactly the values we have to fill in. I already have a lot of TDS deducted so what do I fill in (a) Tax.
If you guys are doing something and taking money for it atleast do it properly. All the things on portal is coming soon coming soon.
So basic exemption works in case of LTCG/STCG. If I have total income all from LTCG/STCG up to 2.5 lac (as per old regime) or up to 3 lac (as per new regime),
I don’t need to pay any income tax And don’t need to file ITR. Is my understanding correct?
Thanks
