The problem lies with most people not being transparent to their CA while filing ITR. The auditing CA takes a risk by signing on an ITR and they wouldn’t take a chance without knowing the customer well. We had tried to connect our clients to CAs in the past, has generally ended up being a disaster.
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Should I always use ITR3 to disclose my FNO gains?
ITR3 or ITR 4 -
why not use ITR2 (when there is little trading activity -5-10 FNO trades a year) I think, if the income is above 5L, then one will end up paying 30% of each rupee earned. is it not better to disclose all the FNO gains on ITR2 as STCG? This way my maximum tax rate will be 15 %.
No. -
One of the top CA (web based) say FNO trader cant use presumptive tax scheme. is that true? Varsity says we can use presumptive method.
We Can -
if presumptive(6% of turnover where t/o is less than 2 cr) is possible, can I use ITR3 or ITR4?
Either, ITR 3 or ITR 4 -
can capital gains be included in presumptive tax method?
Yes, but you have to use ITR 3 -
Can I switch to normal method (book keeping, expenses, pl, etc) the next year and year 3 come back to presumptive method?
No. There is a 5 years cooldown period -
should I use normal method by filing ITR3 and presumptive method to use ITR4?
No. You can file presumptive tax using ITR 3 as well.
Hello !
On a platform like Zerodha, the reports generated are extremely useful for making the necessary calculations in preparation of tax return and tax audit report. If you want to avoid the hassle of visiting a CA multiple times, you can get in touch with us to complete the entire process online and within a week’s time. Write to me on [email protected] for any income tax queries or compliances.