What if I rephrase the reason differently,
For instance I give these reasons → “I went to attend the trader’s conference, Or a training program, or to meet a Trader/mentor for trade discussion” ( I will make Minutes of the meeting 
) and be able to produce other necessary proofs of meeting/conference/training .
These are essential part of Business/ Profession,Can we claim these as business expenses ? . Even in regular business these comes under marketing expenses, Sales & admin overheads.
Hey @Anikethan
If expenses incurred are directly related to the business of trading then you can claim the expenses under profit and gain from business or profession.
Proper documentation should be maintain while applying deductions for the same.
Hope, it helps!
so there isn’t a way to legally evade taxes
@Quicko Can expenses incurred on account of itr filing/tax audit/ca assistance etc. be claimed as expenses under profit and gain from business or profession?
Will there be any scrutiny by IT dept if we claim such expenses (and are able to establish that it is directly related to Business) . Are there any case study / precedence or earlier orders ? That will really help.
Suppose i am running two businesses. First from trading in which i am making profits. Other from freelancing for let’s say Nature photography. There is no income from photography business. Only traveling expenses.
Can the expenses from traveling for photography purpose be deducted from profits of trading?
Hi @abhijeet1
Yes, you can file ITR-3 showing 2 separate businesses and profits/losses from the respective business. Income from 1 Business can be set off against the losses from the other business since both are taxable under the head Income from Business & Profession.
Thus, in your case losses from the Photography business can be set off against the profits from Trading (Non-Speculative Business Income )
Hi @samurai
Yes, any fee paid to a professional for their services is deductible as a valid expense. This includes tax return filing, tax audit, legal advice, consultancy services, etc.
alright! with this method I can save 80% of taxes, I just need to freelance photography as side business.
thanks abhijeet
Why stop at 80%?
because it’s my lucky number
Hey! I’m not a tax expert, but I can give you some general information. Usually, business expenses related to the activities of your business can be deducted from your profits to reduce your taxable income. However, it’s important to consult with a professional or check the specific tax laws in your country or region. It’s always a good idea to keep detailed records and seek guidance from an accountant or tax advisor who can help you navigate the specifics.
nice idea btw! let us know if it worked out
@Quicko :- how to claim reserve funds for bussiness income? Can we claim reserve funds for F&O bussiness income like any other bussiness? Do we write Off reserve funds as bussiness expenses?
Hey @raoawesome,
Reserve funds are typically not claimed as business income because they are not generated through regular business activities. Instead, reserve funds represent retained earnings or funds set aside for emergencies, future investments, or specific purposes. Reserve funds may be used to cover trading losses or to reinvest in the trading business, but they would not be claimed as income or expenses in the same way as regular business transactions.
Hope this clarifies!
I want to move to different city. I want to rent a house. how much percentage of rent I can deduct from FNO income.
Hey @Private,
You can claim expenses related to the business, in your case F&O trading. If you are renting a separate office/space exclusively for trading purposes, you can claim the rent you pay as an expense.
if there is freelance income where audit is not applicable.
but there is loss in FNO. Does audit is applicable in that case ? audit is applicable on both freelance and FNO ? or both business and profession consider seperate for audit ?
@Quicko
How taxation for shares transferred are taxed. In case i transferred my shares (director) to company account.
Hey @Sriharan,
Since the director and company are not treated as relative as per the Income Tax Act, if any director transfers shares to the company without consideration and the FMV of the shares is more than INR 50,000 then it would be taxable in the hands of the company (receipient).