Hello.
First of all a big hello to Tradingqna and all its members.
I have 2 income sources one is around 72 lakhs per annum from salary of web services and second is trading in stock market ( only in fno).
I am just watching youtube videos from morning learning to how to calculate turnover of fno.
And so far i have got this,While deal in fno, all the profit or loss ( addition of both + and - ) will be total turnover,
and income from fno trading will be considered as business income. I can show all the expenses in income of fno. and if loss occured in fno i can carry forward it into next 7-8 years.
So far i have got this. Correct me if i am wrong anywhere.
Second thing which i want to know is i have one source of salary from web services and one source of fno trading, i dont know which form i need to fill for itr. Can someone point me in right direction.
Thank you
Yes Income from fno is considered as business income and you can use ITR 3 for filing for Salary + fno Income.
Thanks for that info. What if there is only income from FnO ? Should I use the same ITR3 or ITR4 ?
Also is the deadline March 31st or July 31st ? I have no other income sources.
Its better to go for a CA who will file your return based on your income and expense and save your tax by giving you best advice…
Also one more advice …
If you have Short Term capital gain from FNO trading then if you have holding of FNO whose expiry are after 31st march and they are in losses then before 31st square off them so that your tax will be saved and purchase them again if you want to continue.
For the Financial Year 2017-18 ( that is income upto 31st march of 2018) your last date is july 31 2018 but you can fill till 31st march 2019 with late fee.
And for financial year 2016-17 (i.e. AY 2017-18) , 31st March 2018 is last date for filling return .
Thank you very much…
I have done few transactions in FnO only and ended up with 3 lakhs loss in FY 2017-2018. So my understanding from you is I should file tax return before july 31st 2018. No need to rush now ?
Yes bro correct dont file in rush .
Also you should show your Short Term losses in FNO so that you can set off your Losses from short term capital Gain if any till 4 years from 1st april 2018.
You havent appointed your CA till now ?
No CA, but I will soon.
Now this new SEBI rule about derivatives is tightening the noose around my neck. Lets see how these rules will be implemented.
Thanks for your advice.
31st July is Due date for filing the returns which are not under tax audit and 30th Sep with Audit. 31st March 2019 is last date where you can file belated return post due date. If you file late returns , you wont be able carry forward the losses.
Correctly said by @TAXIQ.IN
31st july 2018 is due date .
After this till 31st march 2019 is last date with fine upto RS 5000.
@TAXIQ.IN Please tell me if you file the income tax report for me. Let me know your charges.
PM ME your email,or phone number