ITR3 form filling details

Taxation
1

Hi,
frelance income = 3,40,000 (amazon mechanical turk) Intraday trading income = 7000 (gross receipt 12000) (without expenses)

speculation trading(intraday equity) loss = 2100 short term capital loss = 2400

Shall i declare my intraday(f&o) income as a business income in ITR 3 P&L tab no 53(i). And shall i deduct my intraday expenses in my profit.

And shall i declare freelancing income as a profession income in 53(ii). and shall i deduct expenses in my profit.

Shall i carry forward Speculative loss (intraday equity) and short term capital loss in SCHEDULE CFL.

What is the meaning of - Amount of the cash balance in ITR 3. I need to fill by bank balance.

What is the meaning of - Amount of the stock in trade. It means stocks demat value or trading account balance.

What is the meaning of - sundry debtor or creditor. trading

1 Like
2

When it comes to Tax filing , finding an answer to one question gives rise to another 10 new questions.

You open one door , you enter another hallway with another 10 new doors.

Better find an accountant and leave it to the accountant to file returns on your behalf.

They charge you about 500 INR as service charges for tax filing.

The whole thing goes smoothly and is less stressful to you.

Some people might find it as a challenge to do tax returns on their own. but its not worth the mental stress involved with tax filing , when you can get it done for cheap as 500 INR per year.

Also try and find an accountant who you can stick with for the rest of your lifetime.