Tax Related Urgent


OK I got it … they have modified it seems. the version suffix is PR2 dated 29 June.

Will test and study when i have time



ClearTax has 25% offer for zerodha clients till July 15. After GST it comes to around Rs.5750. CA from cleartax informed me auditing and DSC charges comes around 4750.



Please post the results of your experiment with ITR-3 here. Would be really great if you can conclude the whole discussion.

Waiting for your reply.

I have Intraday losses with a turnover of only 220000. I am planning to declare 6 % of turnover as my profit. When i am entering my profit in P&L Sheet in no account case, It gets transferred to Schedule BP. It’s all fine until here but confusion starts when i explored Schedule BP. Should i report that profit in row 36 (i) (Sec 44AD) and get it subtracted from row 4 or to continue as it is ?

@TAXIQ.IN @Ca_Omprakash_Jain @nithin Can you please explain in brief how to go about Schedule BP when an Investor is declaring 6% of turnover as profit although he made losses in actual. It would be really helpful for people like me who are filing their returns themselves.



Best thing for a trader is file correct return would be to file as per results achieved. If loss , loss return and if profit then declare true results.

Sec 44AD initial was for small stores like Kirana, retail textiles , small pharamacy who would face difficulties in having an accountant. For them it was 8% of turnover.

Equity trade bean complete transparent and have all working available. The irony is that the ITR are designed in a manner where there is no exception.

For your filing for CY 2017-18 to fill ITR you need to fill few fields of assets details else defective notice might come.

Schedule BP is for regular books of accounts.



How come hnrblock charged you just 1500 for ITR3 with audit? They asked 15k from me for ITR3 with audit.


Filing ITR and getting books audited are separate excercise and preparing reports to fill these forms in again a work. For filling ITR after all reports are extracted can happen in less than 1000 also but preparing other things will cost more. Online companies will use illegitimate methods on both side for initial years to take their flesh with other investment or products in future.


​First things is you need fill the No Account case details your Turnover & Gross margin @6% . The Numbers are auto populated in Schedule BP Number 1 items and continues in other too. Now you can fill in Point Number 35 (i ) Section 44 AD heading the profit out of 44 AD from the total amount above. Which will take you to Computation in the Sheet TI . ​



That was really helpful.

Yes Sir, Profit from P&L sheet is getting auto-populated in Row 1 of ‘Schedule BP’. Can i report that complete profit from Row 1 in Row 35 (i) (Sec 44AD) ?


Thank you @TAXIQ.IN.
If you don’t mind, could you please tell how much should be the reasonable cost of audit for booking loss of 1lac on 15lac turnaround in fno/st loss with salary income?



The cost of professional depends on many things. You can meet a local accountant who you know to share the financial information and can also be useful when it requires to represent or reply as and when required. With lot of literature available , even if he has not equity Audit , he can able to help in completing.


Hey @vaibhavr

IT has accepted my ITR-2 (and refund given as well) which HnrBlock have filed for me and they have included the FnO losses as short term losses .Since they have not done any audit they charged 1200.I am still not sure if it would cause any issues in future…


@sudheer_kumar… could you inform how the sale value and COA were accounted for F&O trades in ITR2. Since the value would be very high if we consider the actual futures value. Pls revert