In the year 2014 i opened my demat account and till now i have not filled IT returns because i had less capital (avg. 30000) and i was doing mostly investing but on 2019 i started doing intraday trading (only equity segment) ,it took me 3 years to be profitable . From past 2 months i am profitable , i practice with only 10k . my query is now i want to bring 80k in December to do intraday trading , but IT filing last date is December 31 . So how i should bring that capital ? if i bring that now i need to show it on my IT filing or i should bring it on next financial year which ends on 31 march . If i am going to file IT returns then i want to be clear how i manage my funds ,i have a fear that if i did it in a wrong way i may face penalties . if i file IT return for this year only it can be confusing too so expert advise only .
Not an expert but can give some advice
This last date is for financial year ended on March 2021, not for current financial year. SO whatever you do now, will not have any relation with that last date.
I am not sure i understand your query correctly, but bringing in capital of 80K in your trading account is no way relevant to Income Tax.
You pay tax on your profits not on capital you used. So if you have 80K you can start trading with it as soon as you like. You need to pay tax on profits which you make from it (not on capital you used)
i m a full time cash equity fno trader on NSE .
my turnover is 2 crores .
and my loss is 4 lakhs .
since the turnover limit for audit is 10 crores ; can i declare and carryforward the above loss without audit ?
Ok but what about my previous losses in those past 7 years ,losses should be carried forward to next year , which i have not done. i have not filled any IT returns on my losses till now . Is it ok to file for this year only and coming years. If some guy from IT department sees that i have been trading from 2014 but i have filled IT returns only for this year , is it ok ,because i saw zerodha notification today that even if i have losses i should file IT returns to carry forward losses to the next year.
@Quicko pl post on this query
@Quicko sir have a look at this query and what should i do ?
Whatever has happened simply happened. You can’t change it.
But now is the perfect time that you start filing returns on time. Mention loss and carry it forward to next year now onwards.